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☆ Japanese yen: How the currency’s record slump is squeezing the Japanese
▼ + stars: | 2024-05-03 | by ( Juliana Liu | ) edition.cnn.com time to read: +7 min

Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.

Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, “, we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, ”, Sato Hitomi, Semans, I’ve, —, Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii

☆ Dollar hovers near 7-week high as Fed cut bets shift to May
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, a person seen holding a 100 US dollar bill in his hand. The dollar has been buoyed by U.S. economic data suggesting the Fed can wait longer before cutting interest rates. Powell gave the currency another push overnight by calling a cut in March "not the base case." Traders are now pricing in a 38% probability the Fed will cut rates in March, down from 59% ahead of the Fed decision. Against Japan's currency, the dollar drifted 0.06% lower to 146.81 yen , adding to Wednesday's 0.47% decline.

Persons: Jerome Powell, Powell, Hogan, Riley, Sean Callow Organizations: Federal, Treasury, U.S, New, Bancorp, Fed, Traders, New York Community Bancorp, Investors, UST, Westpac, U.S . Locations: U.S, New York

☆ Dollar stems decline after heavy November selloff
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: +3 min

U.S. dollar banknotes are seen in Chicago on October 18, 2022. The dollar regained some ground on Tuesday and hovered near a one-week high against major peers, while bitcoin extended its momentum on optimism that U.S. regulators could soon approve exchange-traded spot bitcoin funds. The euro , meanwhile, languished near a three-week low hit on Monday and last traded $1.0840, while the dollar index stood near a more than one-week high and was last at 103.59. Analysts say the greenback's move higher was in part due to a reversal of its heavy selloff in recent weeks, which saw the dollar index falling some 3% in November, its steepest monthly decline in a year. In cryptocurrencies, bitcoin last stood at $41,873, not far from the previous session's peak of $42,404, its highest level since April 2022.

Persons: bitcoin, Sean Callow, Thierry Wizman, Bitcoin, Nexo, Antoni Trenchev Organizations: U.S, Westpac, Traders, Federal Reserve, New Zealand, Reserve Bank of Locations: Chicago, Asia, Tokyo, Reserve Bank of Australia

☆ Yen eyes best week in four months, dollar heads for weekly decline
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: +3 min

The yen was on track for its best week against the dollar in four months on Friday on the prospect of a narrowing U.S.-Japan rate differential, with bets that the Federal Reserve is done raising rates leaving the greenback headed for a weekly loss. That's led to a decline in U.S. Treasury yields alongside a fall in the dollar, which was on track to lose nearly 0.6% on the yen for the week, its worst weekly performance since July. Against the greenback, the euro and sterling were likewise eyeing a weekly jump of more than 1.5% each, while the dollar index was on track to lose 1.3%. The Japanese yen last stood at 150.72 per dollar, remaining on the weaker side of the 150 threshold and not far from Monday's one-year low of 151.92 per dollar. It's our house view that they don't touch policy settings for many, many months, so deep into next year," said Callow.

Persons: That's, Sean Callow, Callow Organizations: Federal, Fed, Treasury, CPI, Westpac, Bank of Japan, U.S, New Locations: Japan, U.S, United States, New Zealand

☆ Frail yen grazes 150 again as anxiety mounts over Middle East
▼ + stars: | 2023-10-23 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. U.S. Treasuries were subdued as investors hunkered down for a European Central Bank meeting and U.S. GDP data later in the week. "Potentially there are two camps out fighting around 150, so that's why dollar-yen doesn't move from here," Yamamoto said. While there was some speculation the BOJ might once again tweak its yield-curve policy band at a scheduled policy review next week, the BOJ had also shown it will not let domestic yields rise sharply, he said. Yields dipped on Friday after the BOJ announced more loans to encourage financial institutions to buy JGBs.

Persons: Florence Lo, Jerome Powell, Masafumi Yamamoto, Yamamoto, Sean Callow, Shri Navaratnam, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Hamas, United, European Central Bank, Bank of Japan, Mizuho Securities, Westpac, Brent, ECB, Reuters, Thomson Locations: Rights SINGAPORE, Asia, Gaza, United States, U.S, Tokyo, East

☆ Strategist discusses outlook for the Chinese yuan
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese yuan: Authorities want pace of decline to be as slow as possible, strategist saysSean Callow of Westpac Bank discusses the outlook for the Chinese yuan and says "we're getting a clear message from the daily fixing that they want to keep a lid on the pace of depreciation."

Persons: Sean Callow, we're Organizations: Westpac Bank

Traders also awaited policy decisions from the European Central Bank (ECB) and Bank of Japan (BoJ) this week. FOCUS ON CENTRAL BANKSElsewhere, the ECB sets policy on Thursday. Again, a quarter point hike is widely expected, but building evidence of an economic slowdown has called into question the chances of another by year-end. The Australian dollar slid 0.4% to $0.6766 after slower-than-expected inflation data suggested the Reserve Bank of Australia (RBA) would forgo a rate hike on Aug. 1. Money markets are split between a 25 basis point (bp) or a 50 bp rate hike.

Persons: Jerome, Powell, Joseph Capurso, Capurso, Sean Callow, Sterling, Kevin Buckland, Joice Alves, Mark Potter Organizations: Federal, Traders, European Central Bank, Bank of Japan, U.S, Money, Commonwealth Bank of Australia, FOCUS, ECB, Australian, Reserve Bank of Australia, Westpac, U.S ., Bank of, Thomson Locations: LONDON, U.S, Beijing, China, Bank of England, Tokio, London

☆ Dollar near two-week high as Fed decision looms; Aussie falls
▼ + stars: | 2023-07-26 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Australian dollar slid after benign inflation data suggested the Reserve Bank of Australia would forgo a rate hike next week. The euro slipped 0.16% to $1.1042, bringing it close to the previous session's low of $1.1036, a level last seen on July 12. In the latest data, U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation. Meanwhile, the European Central Bank sets policy on Thursday. The dollar added 0.12% to 141.15 yen on Wednesday, following a rebound from a multi-week low of 137.245 mid-month.

Persons: Jerome, Powell, Joseph Capurso, Sean Callow, Kevin Buckland, Muralikumar Organizations: Australian, Reserve Bank of Australia, U.S, Federal, U.S . Federal Reserve, European Central Bank, Commonwealth Bank of Australia, ECB, Bank of Japan, Westpac, Thomson Locations: TOKYO, Beijing, China

☆ Dollar near two-week high as Fed decision looms, Aussie falls
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar hovered close to a two-week high versus the euro on Wednesday, while the yen consolidated near the middle of its range this month as traders awaited crucial policy decisions from the nations' central banks this week. The Australian dollar slid after benign inflation data suggested the Reserve Bank of Australia would forgo a rate hike next week. In the latest data, U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation. "If the ECB retain their hawkish bias, by no means guaranteed but more likely than the FOMC, euro is likely to track higher this week." The dollar added 0.12% to 141.15 yen on Wednesday, following a rebound from a multi-week low of 137.245 mid-month.

Persons: Jerome, Powell, Joseph Capurso, Sean Callow Organizations: Australian, Reserve Bank of Australia, U.S, Federal, U.S . Federal Reserve, European Central Bank, Commonwealth Bank of Australia, ECB, Bank of Japan, Westpac Locations: Beijing, China

☆ The British pound 'had a good run' but faces a tough time ahead: Westpac Bank
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe British pound 'had a good run' but faces a tough time ahead: Westpac BankSean Callow of Westpac Bank discusses why he isn't bullish on the pound despite inflation cooling in the UK

Persons: Westpac Bank Sean Callow, bullish Organizations: Westpac Bank

☆ Dollar firms on rate hike views after Fed minutes, yen treads water
▼ + stars: | 2023-07-06 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

SINGAPORE, July 6 (Reuters) - The dollar was broadly higher on Thursday, after the release of minutes from the Federal Reserve's latest policy meeting cemented market expectations for a rate hike this month. Against the dollar, the euro touched a near one-week low of $1.0843 in early Asia trade, while sterling dipped 0.08% to $1.26925. Markets are now pricing in an 89% chance that the Fed will raise rates by 25 basis points at its policy meeting later this month, according to the CME FedWatch tool. Elsewhere, the yen rose more than 0.2% to 144.30 per dollar, as worries over potential intervention from Japanese authorities to shore up the yen capped its decline. The Chinese yuan last bought 7.2593 per dollar in the offshore market , after having fallen about 0.4% the previous session.

Persons: Alvin Tan, Sean Callow, it's, Rae Wee, Jacqueline Wong Organizations: Federal, Treasury, Asia FX, RBC Capital Markets, Fed, Westpac, Thomson Locations: SINGAPORE, Asia, China

The Aussie was last up 0.6% at $0.6656, after leaping as high as $0.6686, a level last seen on May 16. "For this week it will be wait-and-see mode for euro-dollar," Al-Saraf said, expecting euro-dollar to remain rangebound around 1.07. Meanwhile, the dollar was flat at 139.58 yen , while sterling fell 0.2% to $1.2410. Elsewhere, bitcoin attempted to find its feet around $25,700, after tumbling 5.1% on Monday in its biggest drop since April 19. Reporting by Samuel Indyk and Kevin Buckland; Editing by Shri Navaratnam, Kim Coghill and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Sean Callow, Chris Turner, Mohamad Al, Saraf, bitcoin, Binance, Changpeng Zhao, Samuel Indyk, Kevin Buckland, Shri Navaratnam, Kim Coghill, Ed Osmond Organizations: Australian, Reserve Bank of Australia, U.S, Westpac, Bank of, BoC, Canadian, CENTRAL FOCUS, Market, Danske Bank, Fed, European Central Bank, Securities, Exchange Commission, SEC, Thomson Locations: U.S

☆ Dollar on defensive after dovish Powell, debt ceiling setback
▼ + stars: | 2023-05-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, May 22 (Reuters) - The dollar nursed losses against the yen and euro on Monday following a surprise breakdown in U.S. debt ceiling negotiations and after Federal Reserve chair Jerome Powell indicated a preference to slow rate hikes. Investors now await a key meeting between U.S. President Joe Biden and House Republican Speaker Kevin McCarthy to discuss the debt ceiling on Monday. The dollar index, which measures the U.S. currency against six major peers, edged 0.04% lower to 103.00, after reaching 103.63 last week for the first time since March 20. European Central Bank president Christine Lagarde said Friday officials need to "buckle up" for "sustainably high interest rates" in order to achieve its inflation target. The Australian dollar ticked up 0.06% to $0.6655, while the New Zealand dollar advanced 0.13% to $0.62835.

[1/2] British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The dollar index, which tracks the greenback against six main peers, was down 0.14% at 102.29, having reached 102.75 in early trading on Monday, its highest since April 10. "With all of that, do you really want to buy a lot of risky assets this year?" The weak Chinese data was also weighing on the Australian dollar which dropped as much as 0.5% to $0.6665. The dollar also gained on China's offshore yuan , rising to as much as 6.981, its highest since March 10.

[1/2] British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Broader factors are also weighing on the pound as well, said Jane Foley, head of FX strategy at Rabobank: "A lot of the better news for sterling is already in the price. "With all of that, do you really want to buy a lot of risky assets this year?" The weak Chinese data was also weighing on the Australian dollar which dropped as much as 0.5% to $0.6665. The dollar also gained on China's offshore yuan , rising to as much as 6.9795, its highest since March 10.

☆ Dollar weighed down by US default risks; Aussie, yuan hurt by weak China data
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The U.S. dollar index - which measures the currency against a basket of six major peers - was little changed at 102.47. "The interesting thing is the dollar is weak, and usually when there's risk off, people buy the dollar," he said. The euro , which has the greatest weight in the dollar index, was little changed at $1.0870 on Tuesday, after bouncing off a five-week low overnight. The Australian dollar , which is not part of the dollar index, erased small early gains ahead of Chinese retail sales and industrial production data, then sank after the release. The dollar gained 0.2% to 6.9723 yuan in the offshore market , after touching 6.9749 on Monday for the first time since March 10.

☆ FOREX Dollar heavy amid U.S. default risks; Aussie, yuan slip on China data miss
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Westpac sees the potential for the dollar index to drop to around 101.05 in the near term. The euro , which has the greatest weight in the dollar index, was little changed at $1.0873 on Tuesday, after bouncing off a five-week low overnight. The offshore Chinese yuan weakened towards a two-month low. The dollar gained 0.14% to 6.9674 yuan, after touching 6.9749 on Monday for the first time since March 10. (This story has been corrected to say the dollar index retreated from 5-week high, not 5-month high, in paragraph 3.)

☆ Dollar heavy amid U.S. default risks; Aussie, yuan slips on China data miss
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The U.S. dollar index - which measures the currency against a basket of six major peers - was little changed at 102.46, after sliding 0.26% overnight and retreating from a five-month high. Westpac sees the potential for the dollar index to drop to around 101.05 in the near term. The euro , which has the greatest weight in the dollar index, was little changed at $1.0873 on Tuesday, after bouncing off a five-week low overnight. The offshore Chinese yuan weakened towards a two-month low. The dollar gained 0.14% to 6.9674 yuan, after touching 6.9749 on Monday for the first time since March 10.

☆ Dollar on back foot as U.S. default risk weighs
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: +2 min

The U.S. dollar remained under pressure on Tuesday, weighed down by the risk of a U.S. default as a standoff between Democrats and Republicans over raising the debt ceiling showed few signs of being resolved. The dollar index — which measures the currency against a basket of six major peers — was little changed at 102.39 after sliding 0.26% overnight, retreating from a five-month high. Westpac sees the potential for the dollar index to drop to around 101.05 in the near term. The euro , which has the greatest weight in the dollar index, ticked up 0.06% on Tuesday to $1.0879, after bouncing off a five-week low overnight. The Australian and New Zealand dollars, which are not part of the dollar index, remained bid ahead of China retail sales data, despite recent macroeconomic readings from their key trading partner pointing to tepid domestic demand.

☆ Bank of Japan unlikely to end yield curve control before the fourth quarter, strategist says
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan unlikely to end yield curve control before the fourth quarter, strategist saysSean Callow of Westpac Bank says he doesn't expect the "inflation dynamics" to change before then and "it might even be a case of next year."

☆ Dollar slumps as banking crisis chips away at its haven status and makes further Fed rate hikes a coin flip
▼ + stars: | 2023-03-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The US dollar has slipped 2% over five trading days as the banking crisis rattles investors. The collapse of SVB and Signature Bank may threaten the greenback's haven status, one analyst said. The buck's run of losses follows the collapse of Silicon Valley Bank and Signature Bank earlier this month. The Fed shying away from hikes could also weigh on the dollar. Read more: The Fed's latest move confirms it's trying to thread the needle between cooling inflation and helping banks in turmoil

☆ U.S. dollar and Swiss franc are 'easily the weakest' of major currencies, strategist says
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. dollar and Swiss franc are 'easily the weakest' of major currencies, strategist saysSean Callow of Westpac Bank says they're "not getting that traditional safe haven demand."

☆ Instant view: Incoming BOJ chief Ueda says current low rates appropriate
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +6 min

Feb 24 (Reuters) - Incoming Bank of Japan (BOJ) Governor Kazuo Ueda said on Friday it was appropriate to maintain ultra-loose monetary policy as inflation has yet to sustainably and steadily meet the central bank's 2% target. "I think he's intentionally doing that, so that the market will calm down a little bit about policy change expectations." "I don't think Ueda has the same stance as (Haruhiko) Kuroda but it is not clear whether Ueda would tweak the BOJ policy as the market expected." CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE"No surprises there, we expected Ueda to take it slow and he's starting off echoing Kuroda's views. He has been out of touch with the BOJ policy making since 2005 and will take time even if he was to consider policy normalisation at some stage."

☆ Asian markets breathe sigh of relief amid Ueda hearing
▼ + stars: | 2023-02-24 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

[1/2] The Japanese government's nominee for the Bank of Japan (BOJ) Governor Kazuo Ueda attends a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023. Ueda's confirmation hearing in the lower house comes as markets renew their attack on YCC, taking bets on a near-term interest rate rise. Japan's five-year government bond yield fell a little to 0.235%, from the previous close of 0.240%. The yield on the benchmark 10-year government bonds eased as far as 3.8590%, compared with the previous close of 3.8810%. The two-year bond yield was hovering at 4.6810%, compared with the previous close of 4.6930%.

☆ Japanese yen tumbles, bonds rally after BOJ keeps policy ultra easy
▼ + stars: | 2023-01-18 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The bank, however, maintained ultra-low interest rates, including its 0.5% cap for the 10-year bond yield. The dollar also gained 2.5% against the Japanese yen to 131.4 yen, in its biggest percentage daily rise since March 2020. In a Reuters poll, 97% of economists expected the BOJ to maintain its ultra-easy policy at the meeting. A survey of global fund managers by BofA Securities out on Tuesday showed that expectations of further appreciation in the Japanese yen in January were the highest in 16 years. The dollar index , which measures the safe-haven dollar against six peers, rose 0.4% at 102.84.

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