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☆ China boosts Argentina's access to the yuan under currency deal as peso plummets
▼ + stars: | 2023-10-18 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

China boosted Argentina's access to the yuan under a currency swap deal. Argentina's president said the country can now tap $6.5 billion worth of yuan, up from $5 billion. AdvertisementAdvertisementArgentina will have more access to Chinese yuan under a currency exchange deal to help prop up a plunging peso. AdvertisementAdvertisementArgentina's swap deal with China will enable it to replenish foreign exchange reserves, which have all but vanished amid economic crisis. Russia has also been using the Chinese yuan to settle a growing number of trade transactions with other countries.

Persons: —, Alberto Fernandez, Xi Jinping's, Javier Milei Organizations: Service, Argentine, Radio, Reuters, greenback Locations: China, Argentina, Egypt, Russia

☆ P&G flexes its pricing power again in its latest quarter. Wall Street rewards the stock
▼ + stars: | 2023-10-18 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +9 min

P & G's results Wednesday demonstrate that its recent outperformance compared with its staples peers is justified. Quarterly commentary Procter & Gamble delivered on key metrics such as gross margins and organic sales growth. Secondly, excluding declines in China, P & G's volume was up in the rest of the world. Consumers in Western Europe remain relatively resilient, Schulten said, while describing P & G's business in Latin America as "on fire." P & G paid out $2.3 billion in dividends in its fiscal first quarter while repurchasing $1.5 billion worth of common stock.

Persons: Gamble, —, we're, That's, Andre Schulten, it's, Schulten, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Procter, Gamble, Wednesday, Dow, Treasury, Walmart, Club, Costco Wholesale, Bunge Limited, Revenue, U.S, Wall, CNBC, Procter & Gamble, Getty Locations: China, U.S, Cincinnati, Western Europe, Latin America, Miami , Florida

☆ This currency is now the world’s top performer, after rebounding from record lows
▼ + stars: | 2023-10-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

A roadside money changer handling Pakistani rupee coins in Karachi, Pakistan. Bloomberg | Bloomberg | Getty ImagesThe Pakistani rupee has rebounded from an all-time low to become the world's top performing currency — and there's still room to strengthen, analysts say. The currency plummeted to a record low of 307 rupees against the greenback in early September, according to data from LSEG. This was largely owed to a government clampdown on a widespread illicit dollar trade. The lofty figure was largely owed to the weakness of Pakistan's currency, reduced domestic fuel and electricity subsidies, and supply chain disruptions, the report said.

Persons: there's, Tahir Abbas Arif Habib, Tahir Abbas, Arif Habib, Abbas, Steve Hanke Organizations: Bloomberg, Getty, PKR, South Korean, Federal Investigation Agency, Pakistan, CNBC, Johns Hopkins University, Bank, World Bank, Johns Hopkins Locations: Karachi, Pakistan, LSEG

☆ Wall St ends mixed, US Treasury yields spike on robust data, solid earnings
▼ + stars: | 2023-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - The Nasdaq dipped and benchmark U.S. Treasury yields surged on Tuesday as robust economic data and strong third-quarter earnings sugested the Federal Reserve may keep policy tight for longer than expected. Yields on two-year Treasury notes rose to 17-year highs with five-year yields at 16-year peaks. Emerging market stocks rose 0.48%. Benchmark Treasury yields spiked after the strong retail sales data led market participants to adjust their expectations regarding the duration of the central bank's tightening cycle.

Persons: Brendan McDermid, Chip, Joe Biden's, Goldman Sachs, Thomas Martin, Martin, Biden, Brent, Stephen Culp, Selena Li, Alun John, Sharon Singleton, Cynthia Osterman, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Nasdaq, Treasury, Federal Reserve, Dow, Semiconductor, SOX, Bank of America, Dow Jones, Japan's Nikkei, U.S, Thomson Locations: New York City, U.S, China, Philadelphia, Atlanta, Israel, Asia, Pacific, Japan, Hong Kong, London

REUTERS/Issei Kato/File photo Acquire Licensing RightsOct 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Could stocks - and global risk appetite, by extension - be gaining a momentum of their own regardless of what the bond market does? Wall Street's main indexes and the benchmark MSCI indexes for world, Asian and emerging stocks are all higher since the Oct. 7 Hamas attack on Israel. That said, investors in Asia should keep a close eye on the dollar, which is still trading up near 150.00 yen and over 7.30 yuan. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Issei Kato, Jamie McGeever, Wall, Fed's Williams, Bowman, Putin, Xi, Josie Kao Organizations: REUTERS, Reserve Bank of, U.S ., ICE, U.S, Treasury, Thomson, Reuters Locations: Tokyo, Japan, Asia, Israel, Australia, Beijing

☆ Dollar up after inflation data boost
▼ + stars: | 2023-10-13 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. Data on Wednesday had shown U.S. producer prices increased more than expected in September amid higher costs for energy products and food. The dollar index , which measures the U.S. currency against six of its major peers, ticked up 0.11% to 106.63. Sweden's crown , edged up against both the dollar and euro after consumer price data came in higher-than-forecast, adding to risks that the Riksbank could raise rates further. Investors also digested producer and consumer prices data out of China on Friday that showed deflationary pressures were slightly stronger than expected.

Persons: Jose Luis Gonzalez, Helen, Jonas Goltermann, Patrick Harker, Adam Cole, Saqib Iqbal Ahmed, Brigid Riley, Samuel Indyk, Miral Fahmy, Mark Potter, Alexander Smith, Jonathan Oatis Organizations: REUTERS, U.S, Federal, Reuters, PPI, Capital Economics, Fed, Federal Reserve Bank of Philadelphia, RBC, of Canada, Thomson Locations: Ciudad Juarez, Mexico, Israel, Gaza, Sweden's, China

☆ Treasuries, gold prices rise, stocks fall on Mideast fears
▼ + stars: | 2023-10-13 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. On Wall Street, the S&P 500 was lower despite upbeat results from big U.S. banks on Friday, which marked the unofficial start of the third-quarter reporting period for S&P 500 companies. The pan-European STOXX 600 index (.STOXX) lost 0.97% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.67%. The index, which jumped 0.8% on Thursday, its biggest one-day rise since March 15, is on pace to finish the week higher. U.S. crude recently rose 4.19% to $86.38 per barrel and Brent was at $89.48, up 4.05% on the day.

Persons: Brendan McDermid, Tom di Galoma, Brent, Herbert Lash, Ankur Banerjee, Naomi Rovnick, Susan Fenton, Kim Coghill, Chizu Nomiyama, Richard Chang Organizations: New York Stock Exchange, REUTERS, Treasury, JPMorgan, Dow Jones, Nasdaq, U.S, Thomson Locations: New York City, U.S, Israel, Gaza, BTIG, New York

☆ Dollar holds on to gains after firm U.S. inflation; focus turns to China data
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: +2 min

A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. The dollar remained firm on Friday, putting pressure across a basket of currencies as stronger-than-expected U.S. consumer inflation revived prospects that the Federal Reserve will have to keep rates higher for longer. U.S. consumer prices were pushed higher by a jump in rental costs in September, data showed on Thursday. On the day, markets are also focused on a handful of economic data from China out later in the Asian morning, including trade data, consumer inflation and producer prices for September. The Australian dollar , which often trades as a proxy for China growth, stood at $0.6321, while the kiwi fell to $0.59275.

Persons: David Doyle, Macquarie, Kyle Rodda, Sterling Organizations: Federal Reserve, Bloomberg News Locations: Karachi, U.S, Tokyo, China

☆ Russia rolls out currency controls in a bid to revive the ruble, which has cratered against the dollar this year
▼ + stars: | 2023-10-12 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Big exporters will be required to sell their foreign earnings on the domestic market. Moscow is trying to prop up the slumping ruble, which has shed around a quarter of its value this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRussia's government said late Wednesday that it will bring back some currency controls in a bid to revive the ruble, which has shed around a quarter of its value this year as the war in Ukraine rages on. Nearly two years since the invasion of Ukraine, Russia's economy is struggling but is yet to collapse in the face of widespread western sanctions.

Persons: —, Vladimir Putin Organizations: Service, International Monetary Fund Locations: Russia, Moscow, Ukraine, Russia's

☆ Dollar pauses ahead of Fed minutes, US yield moves weigh
▼ + stars: | 2023-10-11 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. U.S. Treasury yields continued to slide, pinning the dollar close to two-week lows as markets digest recent comments from policymakers that the Fed may not need to tighten monetary policy further. The benchmark 10-year U.S. Treasury yield dropped ten basis points, extending declines from Tuesday after a sharp sell-off in September left bonds cheap. On Tuesday, Atlanta Fed Bank President Raphael Bostic said the central bank did not need to raise borrowing costs any further, while Minneapolis Fed President Neel Kashkari said it was "possible" that further hikes might not be needed. The European Central Bank has made "important progress" in getting inflation back down to target but there is still a long road ahead and a further rate hike cannot be ruled out, Dutch central bank chief Klaas Knot said on Wednesday.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Klaas Knot, Iain Withers, Rae Wee, John Stonestreet, Kirsten Donovan Organizations: REUTERS, Federal, Treasury, Hamas, ING, Atlanta Fed Bank, Minneapolis, Bank's, ECB, European Central Bank, Thomson Locations: Westminster , Colorado, Israel, Palestinian, U.S, London, Singapore

☆ Dollar loses steam ahead of Fed meeting minutes, US inflation test
▼ + stars: | 2023-10-11 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. A slew of Fed officials have signalled in recent days that the U.S. central bank may not need to tighten monetary policy much further than initially thought. Atlanta Fed Bank President Raphael Bostic said on Tuesday the central bank did not need to raise borrowing costs any further, and Minneapolis Fed President Neel Kashkari followed with similar remarks later in the day. U.S. Treasury yields have similarly tracked lower following the dovish Fed comments, with the two-year yield , which typically reflects near-term rate expectations, hitting a one-month low of 4.9260% on Tuesday. The offshore yuan , which touched a roughly one-month high of 7.2700 per dollar on Tuesday, last bought 7.2839.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Thierry Wizman, Carol Kong, CBA's, Rae Wee, Jamie Freed Organizations: REUTERS, Rights, Treasury, dovish, Atlanta Fed Bank, Minneapolis Fed, U.S, Commonwealth Bank of Australia, New Zealand, Bloomberg, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Asia, CHINA, China

☆ Canadian dollar dips as oil prices pull back
▼ + stars: | 2023-10-11 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch/File Photo Acquire Licensing RightsSummary Canadian dollar weakens 0.1% against the greenbackTrades in a range of 1.3572 to 1.3623Price of U.S. oil settles 2.9% lower10-year yield eases 6.1 basis pointsTORONTO, Oct 11 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Wednesday, giving back some recent gains, as oil prices fell and investors turned attention to a key U.S. inflation report. On Tuesday, it touched its strongest intraday level since Oct. 2 at 1.3567, supported by a drop in bond yields globally and higher oil prices after conflict broke out over the weekend in the Middle East. I think that's one of the reasons that CAD is a little weaker today," said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull. U.S. crude oil futures settled 2.9% lower at $83.49 a barrel after top OPEC producer Saudi Arabia pledged to help stabilize the market.

Persons: Mark Blinch, Price, Erik Bregar, Bregar, clawing, Fergal Smith, Jonathan Oatis Organizations: REUTERS, greenback, U.S, Bull, Saudi, Federal Reserve, Thomson Locations: Toronto, TORONTO, U.S, Saudi Arabia, Thursday's U.S

☆ Dollar loses steam ahead of Fed meeting minutes, U.S. inflation test
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: +3 min

Atlanta Fed Bank President Raphael Bostic said on Tuesday the central bank did not need to raise borrowing costs any further, and Minneapolis Fed President Neel Kashkari followed with similar remarks later in the day. U.S. Treasury yields have similarly tracked lower following the dovish Fed comments, with the two-year yield, which typically reflects near-term rate expectations, hitting a one-month low of 4.9260% on Tuesday. The focus now turns to minutes of the Fed's September policy meeting out later on Wednesday, which could offer further clues on its interest rate outlook. So I think markets are a little bit unsure whether that report is real," said CBA's Kong. The offshore yuan, which touched a roughly one-month high of 7.2700 per dollar on Tuesday, last bought 7.2839.

Persons: Raphael Bostic, Neel Kashkari, Sterling, Thierry Wizman, Carol Kong, CBA's Organizations: Treasury, dovish, Atlanta Fed Bank, Minneapolis Fed, U.S, Commonwealth Bank of Australia, New Zealand, Bloomberg Locations: U.S, Asia, China

Bostic was partly responding to the outburst of violence in Israel and Gaza, said Joseph Trevisani, senior analyst at FXStreet in New York. "You can pretty much count on the Fed taking that into its world view and that's only going to be lower rates." U.S. Treasuries rallied, pushing two-year yields to their lowest in a month, as safe-haven demand was driven by the ongoing Mideast bloodshed and dovish Fed comments. The yield on the 10-year U.S. Treasury , which moves inversely to the price, was down 12.5 basis points at 4.6571%. The Swiss franc , a traditional safe-haven currency, was at 0.9045 to the dollar, which weakened about 0.21%.

Persons: Dado Ruvic, Raphael Bostic, Bostic, Joseph Trevisani, Treasuries, Shaun Osborne, Israel's shekel, They're, Chris Turner, Herbert Lash, Harry Robertson, Tom Westbrook, Simon Cameron, Moore, Susan Fenton, Sharon Singleton, Jonathan Oatis, Mark Heinrich, Richard Chang Organizations: REUTERS, Federal Reserve, Atlanta Fed, Fed, American Bankers Association, U.S, Scotiabank, Traders, Bloomberg, Analysts, Columbus, Kyodo, Bank of Japan, . Treasury, ING, Swiss, Thomson Locations: China, U.S, Israel, Gaza, New York, Toronto, Palestinian, London, Singapore

Moves were relatively muted as traders waited for more Fed officials to speak later in the day, as well as minutes from the last Fed meeting to be released on Wednesday and U.S. inflation data on Thursday. The euro was last up 0.12% against the dollar at $1.0581. The dollar index , which tracks the greenback against six peers, was last up less than 0.1% at 106.05. The Swiss franc , a traditional safe-haven currency, was last flat, with the dollar trading at 0.9068 francs. Fed officials Raphael Bostic, Christopher Waller, Neel Kashkari and Mary Daly are due to speak later on Tuesday.

Persons: Dado Ruvic, Simon Harvey, Israel's shekel, They're, Chris Turner, Israel, Raphael Bostic, Christopher Waller, Neel Kashkari, Mary Daly, Harry Robertson, Tom Westbrook, Sam Holmes, Simon Cameron, Moore, Susan Fenton, Sharon Singleton Organizations: REUTERS, Hamas, Bloomberg, Columbus, Treasury, Kyodo, Bank of Japan, . Treasury, ING, Swiss, Thomson Locations: SINGAPORE, China, Israel, Palestinian, Gaza, London, Singapore

☆ Global central banks are hoarding gold like never before as they seek to reduce 'overconcentration' of dollar reserves
▼ + stars: | 2023-10-10 | by ( Anil Varma | ) www.businessinsider.com time to read: +4 min

Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. "We expect central banks to continue their role as net purchasers of gold," according to the head of gold strategy at State Street. AdvertisementAdvertisementGlobal central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors. In addition to reserve diversification, the trend is also driven by central banks' desire to strengthen balance sheets and increase liquidity without adding credit risk, according to the firm. AdvertisementAdvertisement"Therefore, as we look ahead, we expect central banks to continue their role as net purchasers of gold," he added.

Persons: —, Maxwell Gold, Vladimir Putin Organizations: State, Service, Street Global Advisors, Society, Worldwide Interbank Financial Telecommunications, Force Locations: China, Russia, Iran, India, Indonesia

☆ Elite investor Jim Rogers rings the alarm on US debt and dollar dominance - and warns of bubbles in stocks and real estate
▼ + stars: | 2023-10-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

George Soros' former business partner said stocks, bonds, and real estate are widely overvalued. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementAmerica's debts have ballooned to dangerous highs, the US dollar's dominance won't last, and there are bubbles in stocks, bonds, and real estate across many countries, Jim Rogers has warned. Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. In May, he predicted the worst bear market of his life with "trouble" across stocks, bonds, real estate, and currencies.

Persons: Jim Rogers, George Soros, Rogers, —, dollarization Organizations: Service, YouTube, Quantum Fund, Soros Fund Management Locations: United States, China, Brazil, Russia, India, South Africa

☆ Dollar slips as dovish Fed speak dials down rate expectations
▼ + stars: | 2023-10-10 | by ( ) www.cnbc.com time to read: +2 min

The dollar softened on Tuesday along with U.S. interest rate expectations and a fall in Treasury yields as investors detected a slight dovish shift in Federal Reserve officials' tone. The yen held small gains as violence in the Middle East supported buying of safe-haven assets, and last traded firmly at 148.34 per dollar. However comments from two Fed officials turned around the mood and U.S. rate forecasts overnight after noting the recent selloff in bonds might negate the need for further hikes. Fed Vice Chair Philip Jefferson said the central bank would need to "proceed carefully" given the recent rise in yields. "A handful of other officials, including Fed Governor Christopher Waller, are scheduled to speak today.

Persons: —, Lorie Logan —, Philip Jefferson, Christopher Waller, Carol Kong, Sterling Organizations: Treasury, Federal, East, Swiss, Dallas, Columbus, New Zealand Locations: Asia, Tokyo

A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders of other currencies, dampening demand for crude. Oil prices in September hit 10-month highs as Saudi Arabia and Russia cut a combined 1.3 million barrels per day (bpd) of supply until the end of the year. Oil prices are currently high in part in response to the OPEC+ cuts. This supply shock is expected to dampen consumer purchasing power, weigh on economic growth and eventually depress oil demand, JP Morgan analysts said. And given high interest rates in key Western economies, the combination of relatively high oil prices and the strong dollar cannot last for a long time, said Saxobank analyst Ole Hansen.

Persons: Dado Ruvic, Brent, Colin Asher, Francesco Pesole, Morgan, Ole Hansen, Tamas Varga, PVM, Simon Webb, Sharon Singleton Organizations: REUTERS, U.S ., Reuters Graphics Reuters, U.S, Mizuho, U.S . Federal Reserve, ING, Reuters, Thomson Locations: Saudi Arabia, OPEC, Russia, Israel, Palestinian

☆ Don't worry about dedollarization – the yuan has a 'paltry' share of reserves, so the buck is going nowhere, RBC says
▼ + stars: | 2023-10-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The rival yuan doesn't pose a credible threat to the buck, strategist Alan Robinson said in a recent research note. "While China would like its renminbi to topple the dollar, that currency's share of global reserves remains a paltry 2.5%," he wrote. AdvertisementAdvertisement"We don't think any single currency is positioned to replace the dollar in the global reserve system," Robinson added. The greenback had a 59% share of global reserves at the end of the second quarter of 2023, per the IMF. The buck has clung onto its role as the dominant global currency despite China and Russia stepping up their efforts to undermine it since the Kremlin invaded Ukraine in February 2022.

Persons: Alan Robinson, —, Robinson Organizations: RBC Wealth Management, Service, Global, International Monetary Fund Locations: China, Russia, Kremlin, Ukraine, Beijing, Moscow, Russian

☆ Argentine peso descent quickens, hits new record low
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. Since the primary vote, the currency has shed 44% of its value. "Everything is working against the peso because basically nobody wants to deal with them," a capital bank manager with business in Argentina said on condition on anonymity. "So it doesn't matter what you pay for a dollar, the objective is to dollarize before the elections and wait to see who becomes president." Reporting by Jorge Otaola and Walter Bianchi; Editing by David Alire Garcia and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Alberto Fernandez, Javier Milei, Salvador Vitelli, Jorge Otaola, Walter Bianchi, David Alire Garcia, Richard Chang Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES, Argentina

☆ Dollar surges against euro on flight to safety amid Israel-Palestinian fighting
▼ + stars: | 2023-10-09 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Net long positions on the dollar rose to a one-year high, according to U.S. Commodity Futures Trading Commission data released on Friday. But investors aren't expecting another hike from the Federal Reserve in November, according to CME Group data. Its inability to capitalise on healthy U.S. labour market data brings that thinking to the fore," said Paul Mackel, Global Head of FX Research at HSBC. The offshore yuan rose 0.2% to 7.2943 per dollar.

Persons: Dado Ruvic, Ulrich Leuchtmann, aren't, Paul Mackel, Joice Alves, Rae Wee, Alison Williams, Christina Fincher Organizations: U.S, REUTERS, Bank of Israel, greenback, FX, Research, U.S . Commodity Futures, Commission, Federal Reserve, Group, FX Research, HSBC, Golden, Reuters, Thomson Locations: Israel, Palestinian, Israeli, Japan, U.S, Asia, London, Singapore

☆ Dollar, yen gain on flight to safety as Hamas attack rattles nerves
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: +2 min

The safe-haven dollar and Japanese yen edged higher on Monday as violence in the Middle East spooked markets, while a blowout U.S. jobs report gave the greenback a further leg up. The risk-sensitive Australian and New Zealand dollars meanwhile fell in thinned Asian trade, with Japan closed for a holiday. Against the euro, the yen rose more than 0.3% to 157.55, while the Aussie fell roughly 0.7% at one point to hit a session-low of 94.84 yen . Against the dollar, the euro fell 0.2% to $1.0565, while sterling slipped 0.1% to $1.2218. The offshore yuan dipped slightly to last trade at 7.3123 per dollar.

Persons: Tony Sycamore Organizations: New, IG Australia, Federal Reserve Locations: East, New Zealand, Japan, Israel, Wells Fargo, Asia, China

☆ Israel's central bank sells $30 billion in foreign reserves after shekel slides to seven-year low
▼ + stars: | 2023-10-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The Bank of Israel on Monday announced it will sell up to $30 billion in foreign reserves in a bid to support its domestic currency which has fallen sharply following the deadly incursion by Hamas militants over the weekend. The Israeli shekel last weakened 1.63% to trade at 3.90 against the greenback, marking its weakest in seven years. "The Bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets," the central bank wrote in a statement released Monday. On top of the $30 billion program, the bank added it will provide liquidity to the market through SWAP mechanisms in the market of up to $15 billion.

Organizations: of Israel, Monday, Israeli

The dollar index , which measures the currency's strength against a basket of six rivals, was down 0.31 % to 106.03 . The index rose as high as 106.98 earlier in the session after data showed U.S. nonfarm payrolls increased by 336,000 jobs last month. The numbers for August were revised higher to show 227,000 jobs added instead of the previously reported 187,000. Economists polled by Reuters had forecast September payrolls rising by 170,000 jobs. The payrolls data showed monthly wage growth remained moderate, with average hourly earnings rising 0.2% after a similar gain in August.

Persons: Dado Ruvic, nonfarm, Karl Schamotta, Tony Welch, Helen, Corpay's Schamotta, Saqib Iqbal Ahmed, Gertrude Chavez, Dreyfuss, Chuck Mikolajczak, Rae Wee, Alun John, Marguerita Choy, Susan Fenton, Andrew Heavens Organizations: REUTERS, U.S, Reuters, Thomson Locations: U.S, Toronto, Atlanta, New York, Singapore, London

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