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☆ Yen dives as BOJ plays down chance of hikes, soothing markets
▼ + stars: | 2024-08-07 | by ( ) www.cnbc.com time to read: +2 min

A Japanese 10,000 yen and a U.S. 100 dollar banknote juxtaposed against each other in Tokyo, Japan, on Monday, June 20, 2016. The yen dropped on Wednesday after an influential Bank of Japan official played down the chances of a near-term rate hike, soothing investors' concerns that a further jump in the Japanese currency could again rock global markets. The yen fell around 2.5% to a session low of 147.94 per dollar following the comments from BOJ Deputy Governor Shinichi Uchida. "I think it's become increasingly clear that the BOJ hawkish turn last week could be a policy error," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. The yen's decline was broad based, with the Mexican peso, New Zealand dollar and Australian dollar - all carry trade candidates - surging against the currency.

Persons: Shinichi Uchida, Uchida, Kazuo Ueda's hawkish, it's, Alvin Tan, inching, Rong Ren Goh Organizations: Bank of Japan, Asia FX, RBC Capital Markets, U.S, Eastspring Investments, New Zealand Locations: U.S, Tokyo, Japan, Asia

☆ Dollar sees safe-haven gains; sliding yen stays on intervention watch
▼ + stars: | 2024-07-15 | by ( ) www.cnbc.com time to read: +3 min

The risk-sensitive Australian dollar fell 0.18% to $0.6771, while the New Zealand dollar slid 0.35% to $0.6097. Under a Trump presidency, market analysts expect a more hawkish trade policy, less regulation and looser climate change regulations. Against the dollar, the yen was last 0.3% lower at 158.36, having strengthened to a roughly one-month high of 157.30 per dollar on Friday. "The confirmed FX intervention undertaken by the MOF in April and May proved that policymakers are prepared to be canny about choosing the timing of their moves," said Jane Foley, head of FX strategy at Rabobank. "In order to make more 'bang for their buck', FX intervention in quiet conditions or after the release of softer U.S. economic data seems like a sensible move.

Persons: Donald Trump, Jack Ablin, It's, Trump, Rong Ren Goh, Jane Foley Organizations: Trump, Cresset, New Zealand, Eastspring Investments, Cash U.S, Investors, . Bank of Japan, Finance, Analysts, Rabobank Locations: Asia, Japan, U.S, Tokyo

☆ Trump victory trades to swell after shooting, investors say
▼ + stars: | 2024-07-14 | by ( ) www.cnbc.com time to read: +4 min

Saturday's shooting at U.S. former President Donald Trump's election rally raises his odds of winning back the White House, and trades betting on his victory will increase this coming week, investors said on Sunday. Trump was shot in the ear during the rally in Pennsylvania on Saturday in what the authorities were treating as an assassination attempt. The first shooting of a U.S. president or major party candidate since a 1981 assassination attempt on Republican President Ronald Reagan could upend the Nov. 5 rematch between Republican Trump and President Joe Biden, a Democrat, which has been tight in opinion polls. World leaders and U.S. politicians condemned the shooting, while some industry executives, including Tesla chief Elon Musk, declared their support for Trump. Investors also expect an extension of corporate and personal tax cuts expiring next year, fuelling concerns about rising budget deficits under Trump.

Persons: BUTLER, Donald Trump, Donald Trump's, Trump, Rong Ren Goh, Ronald Reagan, Joe Biden, Reagan, Nick Ferres, Elon Musk, Biden, Jerome Powell, Goldman Sachs, Bill Ackman, Musk Organizations: Republican, Secret, U.S, Treasury, Eastspring Investments, Republican Trump, Democrat, Asset Management, Tesla, Trump, Reuters, Investors, Federal, Biden, Dow Jones, Democratic, Goldman Locations: PENNSYLVANIA, Butler , Pennsylvania, Pennsylvania, Singapore

☆ Dollar nurses losses after another set of soft jobs data
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +4 min

Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.

Persons: Commonwealth Bank of Australia's Joseph Capurso, Shunichi Suzuki, Rong Ren Goh, Sterling, BoE, Goh Organizations: U.S, Federal Reserve, dovish Bank of England, Commonwealth Bank of Australia's, Tokyo, Japan's Finance, Eastspring Investments, Bank of England, Monetary, Committee, Fed, Treasury, Traders, PPI, Federal Locations: U.S, United States

Over the two trading days since, the market has tried to second-guess the pace at which the BOJ wants yields to move, while the BOJ has run special bond-buying operations to cap yields. "There is only a very, very small possibility of a sudden or very steep rise in JGB yields, because too many people want to buy the bonds. The maximum yield investors demanded was 0.6%, just 10 basis points (bps) above the previous policy cap. The promise of an extra 10-20 bps of JGB yield means 10-year JGBs hedged from dollars into yen can yield upwards of 6%. As per BOJ data, lifers and pension funds held roughly 26% of a 1,132 trillion yen ($7.93 trillion) JGB market at the end of 2019.

Persons: It's, we've, Ales Koutny, Rong Ren Goh, BOJ, Tomoya Masanao, Masanao, Rae Wee, Tom Westbrook, Harry Robertson, Alun John, Vidya Ranganathan, Himani Sarkar Organizations: Bank of Japan, JGBs, Vanguard Asset Management, Eastspring Investments, Foreigners, U.S, Nippon Life, Asia Pacific, Thomson Locations: SINGAPORE, TOKYO, United States, Europe, Singapore, JGBs, Belgian, Japan, PIMCO, Sydney, London

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