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☆ Tech drags Hong Kong stocks, dollar squeezed as US inflation slows
▼ + stars: | 2023-04-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

SINGAPORE, April 13 (Reuters) - Asian stocks struggled on Thursday, dragged by selling in Hong Kong tech shares, while the dollar was under pressure and short-dated bonds were firm as softening U.S. inflation seemed to suggest the U.S. rate hike cycle was nearing its end. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slid 0.3%, largely pressured by a 1.5% drop in Hong Kong tech stocks (.HSTECH) in the wake of the Financial Times reporting SoftBank was selling down its Alibaba stake. Alibaba shares (9988.HK) were down 3% in early trade and SoftBank (9434.T) shares flat and neither immediately responded to Reuters enquiries. Elsewhere oil prices held sharp gains made in the wake of the inflation data, with Brent crude futures steady at $87.22 a barrel. Shares of embattled Chinese property developer Sunac China (1918.HK) resumed trade after a more than year-long suspension in Hong Kong, with the company in the midst of a debt restructure.

☆ Asian shares muted, dollar buoyant on odds of rate rise
▼ + stars: | 2023-04-10 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.12% higher, while Japan's Nikkei (.N225) gained 0.5%. Traders have increasingly become convinced that the Fed will cut rates in the second half to ward off an economic downturn. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, eased to 3.951%, after closing at 3.993% on Friday's abbreviated trading. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes , seen as an indicator of economic expectations, was at -57.7 basis points. The yen weakened 0.41% to 132.69 per dollar as Japan's new central bank governor Kazuo Ueda takes over from Haruhiko Kuroda.

☆ Asian shares subdued as jobs data raises odds of Fed rate hike
▼ + stars: | 2023-04-10 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.14% higher, while Japan's Nikkei (.N225) gained 0.5%. China shares eased on Monday, with the bluechip CSI300 Index (.CSI300) 0.2% lower, while the Shanghai Composite Index (.SSEC) down nearly 0.3%. Markets are now pricing in 66% chance of the Fed raising interest rates by 25 basis points in its May 2-3 meeting, according to CME FedWatch tool. Traders have increasingly become convinced that the Fed will cut rates in the second half to ward off an economic downturn. In the currency market, the dollar index , which measures the U.S. currency against six major peers, rose 0.118% to 102.14.

☆ Dollar mired near two-month low; Kiwi gains on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The kiwi rallied 1% to touch a two-month high of $0.6383 after the decision. The dollar index , which measures the currency against six peers, eased to a fresh two-month low of 101.43, after dropping 0.5% overnight. Markets were pricing in a 43% chance of Fed not raising interest rates a day earlier. "And the Fed may have to perhaps do more and keep rates high for longer." The yield on 10-year Treasury notes was up 1.3 basis points to 3.350%, having slipped 9 basis points overnight.

☆ 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."

☆ Iraq to allow trade with China in yuan - state media
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Feb 22 (Reuters) - Iraq's central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency. The central bank could, as part of its plan, boost the balances of Iraqi banks that have accounts with Chinese banks in yuan, it said in a statement. Another option would be to boost local banks' balances via the central bank's accounts with JP Morgan and Development Bank of Singapore (DBS), it added. The first option would depend on the central bank's yuan reserves, while the other would use the bank's U.S. dollar reserves at JP Morgan and DBS. The two banks would convert the dollars to yuan and pay the final beneficiary in China, Salih explained.

☆ Analysis: Japan's yen feels the heat from hard-line BOJ policy
▼ + stars: | 2023-01-18 | by ( Rae Wee | ) www.reuters.com time to read: +5 min

Speculators have looked instead to the yen, an easier target where their bets on BOJ policy have induced massive swings and historic levels of volatility. BIGGER YEN BETSAnalysts expect bets on the BOJ soon abandoning its yield curve control policy will get bigger and louder, for a number of reasons. James Athey, an investment director at fund manager abrdn, has held a long position on the yen for a while. We had a significant overweight on the Japanese yen, (and) in the aftermath, we took profit on some of our yen position," Athey said. "The debate around the future of BOJ policy is far from settled," said Howard Smith, partner and portfolio manager at Indus Japan Strategies.

☆ Yen plunges as BOJ sticks to ultra-easy policy
▼ + stars: | 2023-01-18 | by ( Ankur Banerjee | ) www.reuters.com time to read: +2 min

Since then, speculation had swirled that the BOJ could tweak its yield curve control (YCC) policy further or even scrap it. At a two-day policy meeting, the BOJ kept intact its YCC targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote. The Australian dollar gained 2.2% and Singapore dollar rose 1.9%. The 10-year yield has repeatedly breached the ceiling in the past four sessions. The Australian dollar rose mostly flat, while the kiwi rose 0.30% at $0.645.

☆ Bank of Japan keeps yield control policy unchanged
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +7 min

MARKET REACTION:The Japanese stock market cheered the BOJ's decision with the Nikkei share average (.N225) jumping more than 2% after the midday break. Therefore, among equities, we think Japanese financials sector will have a rerating of valuations over the next 3-6 months." That could escalate when the new governor of the bank will be announced and towards the policy meeting in March." MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE"The can has been kicked down the road and the attention will shift to the next meeting. CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE:"I think the speculations will still continue.

☆ Yen sinks after BOJ sticks to ultra-easy policy
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +2 min

Since then, speculation has swirled that the BOJ was likely to tweak its yield curve control (YCC) policy further. The Japanese yen weakened 2.06% versus the greenback at 130.80 per dollar on Wednesday, its biggest one-day percentage drop since June. The 10-year yield on Japanese government bond breached the BOJ's ceiling for fourth straight session on Wednesday after the decision. The Australian dollar gained 2.2% and Singapore dollar rose 1.9%. The Australian dollar rose 0.20% to $0.700, while the kiwi rose 0.45% to $0.646.

☆ Dollar slips near seven-month lows after jobs data
▼ + stars: | 2023-01-09 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

But, with consumer inflation data due later this week, it's the outlook for price pressures that is still front and centre for investors. The dollar index , which measures the U.S. dollar against six major currencies, was last down 0.1% at 103.62, having fallen 1.15% on Friday as investors shifted into riskier assets. However, the labour market is still tight and likely to deter the Fed from slowing down any time soon, analysts said. The Japanese yen was the outlier among the major currencies, easing 0.2% to 132.33 per dollar. Optimism over a swift economic recovery sent China's offshore yuan towards five-month highs against the dollar on Monday.

☆ Dollar tentative as investors assess rate-hike path
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +3 min

That led the dollar index , which measures the U.S. dollar against six major currencies, 1.15% lower on Friday. On Monday, the index, which gained 8% in 2022, was 0.01% higher at 103.720. Analysts, however, point to the still tight labour market that is likely to concern Fed officials. With the next Fed meeting scheduled at the start of next month, investors will focus on the consumer price index data due on Thursday. The Australian dollar rose 0.17% versus the U.S. currency to $0.689, while the kiwi gained 0.02% to $0.635.

Summary U.S. dollar up 8.6% so far in 2022Euro set for 6.2% annual lossLONDON/SINGAPORE, Dec 30 (Reuters) - The dollar was on track for its biggest annual gain since 2015 on Friday, in the last trading day of a year dominated by Federal Reserve rate hikes and fears of a sharp slowdown in global growth. In thin trading, the dollar index was down around 0.1% on the day at 103.900 . The euro was flat on the day at $1.066 , on track for a 6.2% annual loss versus the dollar, compared to last year's 7% drop. The Bank of Japan's ultra-dovish stance has seen the dollar gain 14.5% versus the yen so far this year, in the yen's worst performance since 2013. The onshore yuan was set for its worst annual performance in 28 years, hurt by dollar strength and a domestic economic slowdown.

☆ Dollar powers through, eyes best year since 2015
▼ + stars: | 2022-12-30 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The U.S. dollar index , which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015. "I expect the king dollar to lose its crown and the dollar to make a more decisive turn by the middle of next year," Bank of Singapore currency strategist Moh Siong Sim said. It has fallen more than 13% year to date, its worst performance since 2013. The single currency had dipped below parity against the dollar earlier this year for the first time in almost two decades. The kiwi , which has fallen more than 7% year to date, the worst since 2015, slipped 0.31% to $0.6330.

☆ Dollar eyes best year since 2015; Fed rate path, China reopening to set tone
▼ + stars: | 2022-12-30 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The U.S. dollar index , which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015. But expectations that the central bank may not have to raise rates as high as previously feared have caused the greenback to unwind its towering rally. Conversely, an ultra-dovish Bank of Japan in the face of a hawkish Fed, has spelled pain for the Japanese yen . Policymakers from the European Central Bank and the Bank of England have signalled more rate hikes to come next year, in a bid to tame inflation even at the risk of hurting their economies. "The issue is whether the rapid reopening (in China) triggers fresh waves in some countries or regions, and that may lead to fresh restrictions.

SINGAPORE/LONDON, Dec 29 (Reuters) - The dollar slipped on Thursday after rising in the previous session, with investors on edge at the end of the year as initial optimism over China's reopening fizzled. The yen was last 0.56% higher at 133.72 against the dollar. That followed a 0.73% fall on Wednesday which saw the yen hit a one-week low of 134.50. It climbed as high as $1.206 earlier in the session but gave up some of its gains. Against a basket of currencies, the U.S. dollar index fell 0.08% to 104.26, having climbed 0.18% in the previous session.

SINGAPORE/LONDON, Dec 29 (Reuters) - The dollar slipped on Thursday after rising in the previous session, with investors on edge at the end of the year as initial optimism over China's reopening fizzled. The Japanese yen was last 0.64% higher at 133.66 against the dollar. That followed a 0.73% fall on Wednesday which saw the yen hit a one-week low of 134.50. Analysts warned against reading too much into price moves amid low trading volumes as markets head into the new year. Against a basket of currencies, the U.S. dollar index fell 0.11% to 104.23, having climbed 0.18% in the previous session.

☆ Dollar adrift as optimism over China reopening turns to caution
▼ + stars: | 2022-12-29 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 29 (Reuters) - The dollar pared some gains on Thursday after riding long-end U.S. Treasury yields higher overnight, though investors remained on edge going into the year end as initial optimism over China's reopening fizzled. The speed at which the country has scrapped COVID rules has overwhelmed its health system and sparked concerns about the spread of the virus. The Japanese yen was last roughly 0.6% higher at 133.71 per dollar, languishing near a one-week low of 134.50 that was hit in the previous session. Sterling rose 0.1% to $1.2030, but was similarly not far off its three-week trough of $1.1993 hit last week. Meanwhile, the yield on the benchmark U.S. 10-year Treasury last stood at 3.8637%, after rising to a more than one-month high of 3.8920% overnight.

☆ Dollar steadies as optimism over China reopening turns to caution
▼ + stars: | 2022-12-29 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 29 (Reuters) - The dollar steadied on Thursday after riding long-end U.S. Treasury yields higher overnight, as initial optimism over China's reopening fizzled. Following China's removal of its quarantine rule for inbound travellers beginning Jan. 8, countries such as the United States, Japan and India said they would require COVID tests for travellers from China. Sterling rose 0.19% to $1.2040, but was similarly not far off its three-week trough of $1.1993 hit last week. The uncertainty over the global economic outlook, along with mounting worries about a recession in the U.S., saw the two-year Treasury yield , which typically moves in step with interest rate expectations, slip overnight. Meanwhile, the yield on the benchmark U.S. 10-year Treasury last stood at 3.8656%, after rising to a more than one-month high of 3.8920% overnight.

☆ Japan jolts markets in surprise change to yield curve policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

In a move explained as seeking to breath life back into a dormant bond market, the BOJ decided to allow the 10-year bond yield to move 50 basis points either side of its 0% target, wider than the previous 25 basis point band. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. "Today's step is aimed at improving market functions, thereby helping enhance the effect of our monetary easing. "This change will enhance the sustainability of our monetary policy framework. It's absolutely not a review that will lead to an abandonment of YCC or an exit from easy policy."

☆ BOJ jolts markets in surprise change to yield curve policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Shares tanked, while the yen and bond yields spiked following the decision, which caught offguard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. Reuters GraphicsAs widely expected, the BOJ kept unchanged its YCC targets, set at -0.1% for short-term interest rates and around zero for the 10-year bond yield, at a two-day policy meeting that ended on Tuesday. The 10-year Japanese government bond (JGB) yield briefly spiked to 0.460%, close to the BOJ's newly set implicit cap. Kuroda has repeatedly said he saw no need for the BOJ to tweak YCC, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

☆ Bank of Japan reviews yield-curve control policy
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +4 min

Dec 20 (Reuters) - The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review its yield-curve control policy, surprising financial markets and sending the yen sharply higher. However, it is only a first step and yield-curve control (YCC) remains in place, as does negative rate strategy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023.

☆ BOJ allows yields to rise more in surprise tweak to policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

[1/2] A Japanese flag flutters atop the Bank of Japan building under construction in Tokyo, Japan, September 21, 2017. "The BOJ decided to modify the conduct of yield curve control to improve market functioning and encourage a smoother formation of the entire yield curve, it said in a statement. As widely expected, the BOJ kept unchanged its yield curve control (YCC) targets, set at -0.1% for short-term interest rates and around zero for the 10-year bond yield, at a two-day policy meeting that ended on Tuesday. But it decided to allow the 10-year bond yield to move up and down 50 basis points around the 0% target, wider than the previous 25 point band. Kuroda has repeatedly said he saw no need for the BOJ to tweak yield curve control, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

☆ BOJ changes yield curve control, jolts markets with surprise monetary policy
▼ + stars: | 2022-12-20 | by ( ) edition.cnn.com time to read: +3 min

The Bank of Japan shocked markets Tuesday with a surprise tweak to its bond yield controls that allows long-term interest rates to rise more, a move aimed at easing some of the costs of prolonged monetary stimulus. Shares tanked, while the yen and bond yields spiked following the decision, which caught offguard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. The 10-year Japanese government bond (JGB) yield briefly spiked to 0.460%, close to the BOJ’s newly set implicit cap. Kuroda has repeatedly said he saw no need for the BOJ to tweak YCC, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

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