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☆ Dollar rises on robust U.S. economy, yuan sinks to 16-year low
▼ + stars: | 2023-09-07 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. China's onshore yuan slid to a 16-year low, under pressure from a property slump, weak consumer spending and shrinking credit growth in the world's second-largest economy. ONSHORE YUAN HIT 2007 LEVELSThe onshore yuan sank to 7.3296 per dollar, its weakest since December 2007. The Australian dollar was about flat at $0.6384, while the New Zealand dollar rose 0.3% at $0.5885, with both languishing near their recent 10-month lows. “We see yuan staying under pressure (against the dollar) in the near term," said Becky Liu, head of China macro strategy at Standard Chartered Bank.

Persons: Florence Lo, Kirstine Kundby, Joseph Capurso, Becky Liu, BoE, Andrew Bailey, Joice Alves, Rae Wee, Zhou, Sharon Singleton, Chizu Organizations: U.S, REUTERS, U.S ., Nielsen, Danske Bank, Federal Reserve, Commonwealth Bank of Australia, New Zealand, Standard Chartered Bank, People's Bank of China, European Central Bank, Bank of England, Thomson Locations: U.S, China, Beijing, China's, Japan, Asia, Bank

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The greenback scaled a fresh top of 147.875 yen in early Asia trade, its highest since last November. "Stronger-than-expected ISM services reaffirmed the U.S. outperformance narrative, adding broad support to the U.S. dollar," said Kirstine Kundby-Nielsen, analyst at Danske Bank. The onshore yuan slid to a fresh 10-month low of 7.3270 per dollar, not far from hitting a 16-year low. The Australian dollar was about flat at $0.6386, while the New Zealand dollar was up 0.2% at $0.5881, with both languishing near their recent 10-month lows.

Persons: Florence Lo, Kirstine Kundby, Joseph Capurso, Matt Simpson, Sterling, BoE, Andrew Bailey, Joice Alves, Rae Wee, Sharon Singleton Organizations: U.S, REUTERS, U.S ., Nielsen, Danske Bank, Federal Reserve, Commonwealth Bank of Australia, New Zealand, Index, Bank of England, European Central Bank, Thomson Locations: SINGAPORE, U.S, Asia, China's, Beijing, China, Bank, Japan, London, Singapore

[1/2] U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. Markets are now focusing their attention on U.S. consumer prices data due out on Wednesday, which will provide more clarity on the progress the Fed has made in its fight against stubbornly high inflation. The pound has been rallying on a stronger economy and aggressive repricing of expectations for tighter BoE policy, according to Danske Bank FX analyst Kirstine Kundby-Nielsen. "There have been no signs of relief in the labour market data and markets continue to price in more. Given the rising inflation backdrop in Japan, the market is starting to become more wary that perhaps a policy tweak could come."

Persons: Rick Wilking, Shaun Osborne, Kirstine Kundby, That's, Kundby, Nielsen, Moh Siong Sim, Samuel Indyk, Rae Wee, Edmund Klamann, Alex Richardson, Chizu Organizations: REUTERS, Federal, Scotiabank . Markets, Sterling, Bank of England, Danske Bank, Nielsen, Swiss, greenback, Swiss National Bank, Singapore, Bank of Japan, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, U.S, Norwegian, Swedish, Swiss, Japan, Reserve Bank of New Zealand

U.S. interest rate expectations have been a key driver of the dollar since the Fed began its tightening cycle last year. A survey from the New York Federal Reserve on Monday showed waning near-term inflation expectations among Americans, who said last month they were expecting the weakest near-term inflation gains in just over two years. Sterling , meanwhile, hit a near 15-month high of $1.2913 after British wage growth hit a joint record high, heaping pressure on the Bank of England to tighten policy further to bring inflation under control. The pound has been rallying on a stronger economy and aggressive repricing of expectations for tighter BoE policy, according to Danske Bank FX analyst Kirstine Kundby-Nielsen. Elsewhere, the euro rose 0.1% to $1.1012, the Australian dollar steadied at $0.6680, while the New Zealand dollar fell 0.2% to $0.6198.

Persons: Rick Wilking, Shaun Osborne, Sterling, Kirstine Kundby, That's, Kundby, Nielsen, Moh Siong Sim, Samuel Indyk, Rae Wee, Shri Navaratnam, Edmund Klamann, Alex Richardson Organizations: REUTERS, Federal, Fed, Scotiabank . Markets, New York Federal Reserve, Bank of England, Danske Bank, Nielsen, Singapore, Bank of Japan, New Zealand, Thomson Locations: Westminster , Colorado, U.S, . U.S, Japan, China's

☆ Swiss franc grapples with safe-haven identity crisis after Credit Suisse
▼ + stars: | 2023-03-24 | by ( Samuel Indyk | ) www.reuters.com time to read: +5 min

Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S). "You still have some of the safe-haven hedging properties in the Swiss franc but it can only take so much when the risk ends up being so concentrated in the Swiss economy and the Swiss financial sector," Kundby-Nielsen added. "If it hadn't been Credit Suisse, but any other European bank getting into trouble, you would have seen the Swiss franc rising sharply because it would have been the safe haven for European risk," said Francesco Pesole, FX strategist at ING. "The franc is not an 'all-weather' safe haven and so far we've not had the type of market pressures that would typically lead to franc appreciation," he said. SWISSIt's one thing for the franc to have lost some favour among investors during a Swiss-centric crisis, but quite another to suggest its days as a safe haven are numbered.

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