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☆ Australia Aug retail sales post tepid rise, add to rate pause case
▼ + stars: | 2023-09-28 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, Sept 28 (Reuters) - Australian retail sales rose modestly in August as consumers continued to cut back on spending in the face of elevated living expenses and high borrowing costs, signalling interest rates may not have to rise further. Data from the Australian Bureau of Statistics (ABS) on Thursday showed nominal retail sales rose 0.2% in August from July, missing analysts' forecast of a 0.3% gain. Sales of A$35.4 billion ($22.56 billion) were up just 1.5% from a year earlier, the lowest gain in percentage terms since August 2021. Data from Commonwealth Bank of Australia showed that younger Australians who are renting or have mortgages are cutting back on purchases, while older Australian who benefit from higher savings rates are still spending. ($1 = 1.5694 Australian dollars)Reporting by Stella Qiu; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Dorber, Stella Qiu, Tom Hogue, Jamie Freed Organizations: Australian Bureau of Statistics, FIFA, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson

☆ 3 retailers weigh in on how a financial technology platform helped solve their enterprises' most pressing challenges
▼ + stars: | 2023-09-27 | by ( Sponsor Post | Created Insider Studios With Adyen | ) www.businessinsider.com time to read: +5 min

From arts and entertainment to health and wellness, businesses across industries are tapping into financial technology to drive growth. Below are three tips to help enterprises stay informed on the latest financial technology trends, while delivering value to their customers and employees. Choosing a single payment platform is a good starting point for increasing agility, but the type of platform you choose matters. Taking the next stepFor businesses looking to scale amid a changing economic landscape, a single financial technology platform isn't just a choice; it's a necessity. Learn more about how Adyen's single payment platform can help your enterprise meet the evolving needs of customers and businesses.

Persons: —, Pepe Jeans, Vázquez Cabezas Organizations: Enterprise, Terme, Federal Reserve Bank of San, Connect, Marketing, Insider Studios Locations: Federal Reserve Bank of San Francisco, Adyen

☆ India to hold top spot for economic growth but risks to downside remain: Reuters poll
▼ + stars: | 2023-09-27 | by ( Milounee Purohit | ) www.reuters.com time to read: +4 min

After a stellar 7.8% expansion last quarter, economic growth was expected to moderate to 6.4% this quarter and then drop to 6.0% in the October-December period before slowing to 5.5% in early 2024. "A lot of the drivers that drove the really strong growth from the middle of 2021 to last year have been exhausted. A weak external backdrop is weighing on Indian economic growth as well as sluggish private consumption and sluggish investment." A majority of economists, 22 of 36, who answered an additional question said the risks to their FY 2023/2024 GDP growth forecasts were skewed to the downside. Government measures should cool food prices in the coming months, but rising oil prices will likely place upward pressure on headline inflation."

Persons: Narendra Modi's, we're, Miguel Chanco, Alexandra Hermann, Milounee Purohit, Sujith Pai, Anant Chandak, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Pantheon, Reserve Bank of India, That's, Oxford Economics, Thomson Locations: BENGALURU, India, Asia

"I'm one of those folks," said Kashkari, who is considered one of the Fed's more hawkish policymakers. Kashkari said that if inflation cools next year as expected, the Fed will need to cut rates to keep policy from tightening too much. But he also said he has been surprised by how well consumer spending has held up despite the Fed's rate hikes so far. "Everybody on the Federal Open Market Committee is committed" to bringing inflation back down to the Fed's 2% target, he said. Inflation by the Fed's preferred measure was 3.3% in July.

Persons: Neel Kashkari, Mike Segar, Kashkari, Ann Saphir, Himani Sarkar, Muralikumar Organizations: Federal Reserve Bank of Minneapolis, Reuters, REUTERS, Minneapolis Federal Reserve Bank, Wharton School of Business, Fed, U.S, Federal, Thomson Locations: New York City , New York, U.S, Minneapolis

☆ Indian shares seen opening lower amid sustained foreign selling
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 26 (Reuters) - Indian shares are set to open lower on Tuesday, with higher-for-longer global interest rate expectations driving continuous foreign outflows from the domestic market amid subdued global sentiment. On Monday, the Nifty 50 (.NSEI) and the S&P BSE Sensex (.BSESN) closed mostly unchanged at 19,674.55 points, and 65,958 points, respectively. Foreign investors have been net sellers so far this month, offloading shares worth $1.36 billion, as of Sept. 22 after pouring in over $15 billion into Indian equities this year. On Monday, foreign institutional investors sold 23.33 billion rupees worth of shares, while domestic investors bought 15.79 billion rupees worth of shares, as per provisional exchange data.

Persons: Francis Mascarenhas, Ajith, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, BSE, U.S, Federal, Of India, Realty, Hotel, & Realty, Sethuraman, Thomson Locations: Mumbai, India, Delhi, Bengaluru

☆ New York Fed: Many Buy Now, Pay Later users are financially fragile
▼ + stars: | 2023-09-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —Buy Now, Pay Later installment payment offerings appear to be disproportionately used by people facing financial difficulties, raising concerns about the potential for greater money trouble, according to research from the Federal Reserve Bank of New York released Tuesday. New York Fed researchers delved into recently collected consumer survey data to determine who is being offered BNPL options and who uses them. They drew on data collected as part of the June 2023 Survey of Consumer Expectations Credit Access Survey, which included a set of BNPL-specific questions. “The fact that a disproportionate share of BNPL users are already financially fragile raises questions about the resilience of BNPL lending and its performance following an adverse economic shock,” New York Fed researchers wrote. The New York Fed research substantiates previously raised concerns from critics that BNPL may attract — and could ultimately harm — financially fragile individuals.

Persons: ” Organizations: Minneapolis CNN, Federal Reserve Bank of New York, New York Fed, Consumer, Survey, ” New York Fed, Consumer Financial Protection Locations: Minneapolis

☆ Fed's Neel Kashkari sees 40% chance of 'meaningfully higher' interest rates
▼ + stars: | 2023-09-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, attends an interview with Reuters in New York City, New York, U.S., May 22, 2023. Minneapolis Federal Reserve President Neel Kashkari thinks there's nearly a 50-50 chance that interest rates will need to move significantly higher to bring down inflation. In that instance, the inflation rate falls but stays above the Fed's 2% target, posing a challenge for policymakers. Noting that rate-sensitive areas such as housing and autos have held strong despite Fed tightening, Kashkari remarked, "These dynamics raise the question, How tight is policy right now? Services inflation, excluding the cost of renting shelter, has been coming down, but has otherwise remained elevated, raising longer-term concerns.

Persons: Neel Kashkari, there's, Kashkari Organizations: Federal Reserve Bank of Minneapolis, Reuters, Minneapolis Federal Locations: New York City , New York, U.S, Minneapolis

People walk by the Federal Reserve Bank of New York in the financial district of New York City, U.S., June 14, 2023. REUTERS/Shannon Stapleton//File Photo Acquire Licensing RightsCompanies Federal Reserve Bank of New York FollowNEW YORK, Sept 25 (Reuters) - A judge on Monday dismissed a lawsuit accusing the Federal Reserve Bank of New York of illegally firing two longtime employees who claimed religious objections in refusing to be vaccinated against COVID-19. The New York Fed began requiring COVID-19 vaccines for all employees in August 2021. The New York Fed declined to comment. The case is Gardner-Alfred et al v Federal Reserve Bank of New York, U.S. District Court, Southern District of New York, No.

Persons: Shannon Stapleton, District Judge Lewis Liman, Lori Gardner, Alfred, Jeanette Diaz, Gardner, Diaz, Liman, John Balestriere, Alfred et, Jonathan Stempel, Aurora Ellis Organizations: Federal Reserve Bank of New, REUTERS, Federal Reserve Bank of New York, COVID, U.S, District, New York Fed, Catholic, New, Fed, Court, Southern District of, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Manhattan, Bronx , New York, Bayonne , New Jersey, New York, COVID, Southern District, Southern District of New York

☆ UBS says Zurich and Tokyo are the cities most at risk of being in a housing bubble. Here are the other 15 markets where they warn home prices are overvalued — and the 6 most vulnerable to declines.
▼ + stars: | 2023-09-24 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

This is driving up mortgage rates after years of lower-rate policies, crushing affordability and sinking home prices in some metropolitan areas. In the note, the pair released UBS's most reading of its Global Real Estate Bubble Index. Two cities — Zurich and Tokyo — top the list and are considered to be in "bubble risk" territory by being at least 1.5 standard deviations out of their index norm (Zurich at 1.71 and Tokyo at 1.65). UBS"Such high multiples come from an excessive appreciation of housing prices in the wake of previously low interest rates," Saputelli and Holzhey said. "House prices in all these cities remain vulnerable to corrections should interest rates remain elevated for longer or continue to rise further."

Persons: Claudio Saputelli, Matthias Holzhey, Holzhey Organizations: Federal Reserve, European Central Bank, Reserve Bank of India, Bank of England, Reserve Bank of Australia, Bank of, Central Bank of, Bank of Canada, UBS, Swiss, —, Tokyo —, Miami Locations: Bank of Korea, Central Bank of Brazil, — Zurich, Tokyo, Zurich, Munich, Frankfurt, Hong Kong, Toronto, Geneva, Los Angeles, London, Tel Aviv, Vancouver, Amsterdam, Stockholm, Paris, Sydney

The short answer is that, yes, it is possible to get a grant to help you pay off your student loan debt. Citizens Bank Student Loan Refinancing is one of many strong options for student loan refinancing, particularly because the company allows you to refinance up to $300,000 and to apply with a co-signer. Bottom lineGetting a grant or some other form of loan forgiveness can make a huge difference in your student loan management journey. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan refinance products. See our methodology for more information on how we choose the best student loan refinance companies.

Persons: Harris, refinanced Organizations: Education Data, Biden, CNBC, Citizens Bank Student, Citizens Bank, Loan, Federal Reserve Bank of New, AK, IL, CNBC Select's, Facebook, Twitter Locations: California, Federal Reserve Bank of New York, MN, NH, OH, TN, TX

☆ A 31-year market vet shares 2 signals that show a recession is still on the way — and warns the S&P 500 still has 48% downside as valuations remain near the richest levels in history
▼ + stars: | 2023-09-23 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

One is that the Institute for Supply Management's Purchasing Managers' Index continues to show signs of slowing economic growth. "Real GDI has never fallen three quarters in a row without the economy being in a recession," Wolfenbarger said. This partially informs his call for the S&P 500 to fall to around 2,250, which would represent 48% downside from current levels. When it comes to Wolfenbarger's 48% sell-off call, it's well outside the mainstream of where strategists see stocks going. With valuations high, a meaningful recession could make that three times, as Wolfenbarger is warning.

Persons: Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, Costa, Louis, Warren Buffett Organizations: JPMorgan, Bull, Institute for Supply Management's, Crescat, Federal Reserve Bank of St, downturns . Federal Reserve Bank of St Locations: downturns .

☆ Two key Fed officials express support for keeping interest rates high
▼ + stars: | 2023-09-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Two Federal Reserve policymakers expressed support Friday for keeping interest rates elevated as the battle against too-high inflation continues. In separate speeches, Governor Michelle Bowman and Boston Fed President Susan Collins said there's still the possibility that the Fed will have to raise rates further if economic data doesn't cooperate. The commentary comes two days after the rate-setting Federal Open Market Committee decided not to raise rates following its two-day meeting. While choosing not to raise rates, officials indicated they still see one more increase coming this year, then potentially two cuts in 2024, assuming moves of 0.25 percentage point at a time. "There are some promising signs that inflation is moderating and the economy rebalancing," Collins said.

Persons: Susan Collins, Michelle Bowman, there's, Bowman's, Bowman, Collins, it's Organizations: Federal Reserve Bank of Boston, National Association of Business Economics, Federal, Boston Fed, Market Locations: Washington , DC, Vail , Colorado, Maine

☆ Credit card losses are rising at the fastest pace since the Great Financial Crisis
▼ + stars: | 2023-09-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were likely reversals from stimulus, they have been rapidly rising since the first quarter of 2022. Since that time, it's an increasing rate of losses only seen in recent history during the recession of 2008. Of the past five credit card loss cycles, three were characterized by recessions, he said. Nash sees the most downside risk for Capital One Financial, followed by Discover Financial Services .

Persons: Goldman Sachs, Goldman, Ryan Nash, Nash, — CNBC's Michael Bloom Organizations: Federal Reserve Bank of New, Capital, Discover Financial Services Locations: Federal Reserve Bank of New York

☆ Loan approval: Why has it gotten so much harder?
▼ + stars: | 2023-09-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Magnusson said that while she used USAA for a personal loan in the past, this time, the process felt very different. Lately, it may take more than just a good credit score for many people to get approved for a loan. Deutsche Bank recently told investors that bank lending conditions look “consistent with recession levels,” even though the US is not currently in a recession. Magnusson said she was “in tears” after spending hours on the phone with USAA to secure the loan over multiple days. McBride said that although loan application rejections are up and standards are tougher, getting a loan is still possible for those with good credit.

Persons: Cheryl Magnusson, Magnusson, “, USAA, ”, Greg McBride, —, ” McBride, Nathan Howard, McBride, William Brown, Brown, we’ve, ” Brown, “ I’ve, I’ve, Darlene Johnson, ” Johnson, Scott Olson Organizations: CNN, Federal Reserve Bank of New, Consumer, Deutsche Bank, Eccles Federal Reserve, Bloomberg, Getty, Silicon Valley Bank, Signature Bank, Navy, Suncoast Credit Union, Suncoast, Mortgage Bankers Association, Federal Reserve Locations: Arizona, Washington , DC, Silicon, Florida, Hawthorn Woods , Illinois

The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.

Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S

☆ Powell will not abandon 2% inflation target: Ex-Dallas Fed president
▼ + stars: | 2023-09-21 | 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 EmailPowell made it very clear the Fed won't abandon the 2% inflation target: Former Dallas Fed presidentRichard Fisher, who served as president of the Federal Reserve Bank of Dallas from 2005 to 2015, says "the question is the speed with which they get there."

Persons: Powell, Richard Fisher Organizations: Dallas Fed, Federal Reserve Bank of Dallas

☆ It's a 'toss-up' whether the Fed will hike rates again, says former Kansas City Fed president
▼ + stars: | 2023-09-21 | 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 EmailIt's a 'toss-up' whether the Fed will hike rates again, says former Kansas City Fed presidentThomas Hoenig, distinguished senior fellow at Mercatus Center at George Mason University and former president of the Federal Reserve Bank of Kansas City, says "we won't know until we see more inflation data."

Persons: Thomas Hoenig Organizations: Kansas City Fed, Mercatus, George Mason University, Federal Reserve Bank of Kansas Locations: Kansas, Federal Reserve Bank of Kansas City

☆ India's banking system liquidity deficit jumps to over 4-year high
▼ + stars: | 2023-09-20 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI (Reuters) - India’s banking system liquidity deficit is at its widest in over four years ago, amid tax outflows and the lack of any major inflows, traders said on Wednesday. REUTERS/Hemanshi Kamani/File PhotoBanking system liquidity deficit jumped to 1.47 trillion rupees ($17.67 billion) as on September 18, the highest single day shortfall since April 23, 2019, while banks have borrowed a record 1.97 trillion rupees from the central bank’s Marginal Standing Facility window. Advance tax payments took place last week, while outflows towards Goods and Services tax will be completed by Wednesday, with bankers estimating aggregate outflows of up to 2.50 trillion rupees. Moreover, “another drain on rupee liquidity could be from RBI’s (Reserve Bank of India) FX intervention if depreciation pressures on the rupee persist,” said Gaura Sen Gupta, an economist with IDFC First Bank. The liquidity deficit will, however, narrow towards the end of this month and the beginning of October as government spending picks up and the I-CRR is completely wound down.

Persons: Hemanshi, ”, Gaura Sen Gupta, Upasna Bhardwaj Organizations: REUTERS, Goods, Services, Reserve Bank of India, IDFC, Bank, Kotak Mahindra Bank Locations: MUMBAI, India, RBI’s

☆ Dollar firm but softens against yen ahead of FOMC
▼ + stars: | 2023-09-20 | by ( Brigid Riley | ) www.reuters.com time to read: +2 min

TOKYO, Sept 20 (Reuters) - The dollar remained firm on Wednesday but softened slightly against the yen ahead of a much-anticipated rate decision by the Federal Reserve later in the day. The U.S. dollar index , which measures the greenback against a basket of rivals, stayed mostly flat at 105.13 as traders awaited the Fed's rate decision. Dollar/yen could see some upside pressure after a hawkish FOMC meeting, she added. The yen last sat nearly 0.1% higher at 147.77 versus the greenback, off Tuesday's low of 147.92 though hovering near the 10-month trough against the dollar ahead of the FOMC announcement. The New Zealand dollar ticked up over 0.2% against the dollar near $0.5950.

Persons: Carol Kong, Masato Kanda, Brigid Riley, Gerry Doyle Organizations: Federal Reserve, U.S, Commonwealth Bank of Australia, Bank of Japan's, Reserve Bank, Australia's, New Zealand, Bank of England, bitcoin BTC, Thomson Locations: TOKYO, China, bitcoin

The Federal Reserve, as expected, left interest rates unchanged on Wednesday while raising forecasts for economic growth and lowering them for unemployment next year. “Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated.”The central bank updated its forecasts for economic growth, unemployment and inflation. The GDPNow estimate from the Federal Reserve Bank of Atlanta is now pegging economic growth in the third quarter at 4.9%. But it would likely curb economic growth at a time when the Fed’s policies have restricted credit and other government stimulus is waning.

Persons: “, ” Powell, ”, Powell, Andrew Patterson, Ruslan Lienkha, Victor Li, Jeff MacDonald, Joe Biden, Donald Trump Organizations: Federal Reserve, Fed, ”, Villanova University, Federal Reserve Bank of, GOP Locations: Saudi Arabia, Russia, U.S, Federal Reserve Bank of Atlanta

☆ Opinion: It’s not just about its colonial past. Here’s what India’s possible name change is all about
▼ + stars: | 2023-09-20 | by ( Opinion Akanksha Singh | ) edition.cnn.com time to read: +8 min

The idea, we Indians were told each time, was to allow the nation to make a clean break once and for all with its colonial past. The question on the minds of many people who follow events in India, is why any name change would be needed. It’s an opportunity to double down on India’s Hindu identity, even in the name by which it is called. The debate is a live one, however: Some disagree, saying that no amendment to the constitution would be needed to change India’s name. Do the country’s Indian Institutes of Technology become BITs?

Persons: Akanksha Singh, Singh, Droupadi Murmu, Bharat, Narendra Modi’s, Bharat ”, Modi, It’s, Akbar, Deen Dayal, Modi’s, Rahul Gandhi, Reserve Bank of India –, I’ve, ” Encouragingly Organizations: BBC, Independent, South China Morning Post, CNN, Mumbai CNN, Modi’s Bharatiya Janata Party, BJP, Bharat, Reserve Bank of India, Institutes of Technology, India, United Nations Locations: Mumbai, South China, India, Calcutta, Kolkata, Bombay, Madras, Chennai, Allahabad, Manipur

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Sept 20 (Reuters) - The Indian rupee, hovering near a record low, is expected to remain under pressure amid focus on crude oil prices and the U.S. Federal Reserve's policy decision. Non-deliverable forwards (NDF) indicate rupee will open at around 83.25-83.29 to the U.S. dollar compared with 83.2675 in the previous session. The Fed on Wednesday is widely expected to keep the policy rate unchanged with futures assigning a near zero percent probability of a rate hike. "We expect the 2023 median policy rate forecast to show one more 25bps hike, for a terminal rate of 5.5-5.75%," BofA Global Research said in a note.

Persons: Francis Mascarenhas, Brent, Nimesh Vora, Mrigank Organizations: REUTERS, Rights, U.S, Reserve Bank of, Fed, Research, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, U.S . Federal, Reserve Bank of India, Asia

☆ Mexico is trying to be best new trade buddies with both the US and China — but it might not be able to handle the pressure
▼ + stars: | 2023-09-20 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

Mexico is now America's top trade partner thanks to US-China tensions and "nearshoring." AdvertisementAdvertisementMexico's infrastructure is not readyBeing a more attractive trade partner to the US is one thing. China is now Mexico's largest trading partner globally, and Mexico is already China's second-largest trade partner in Latin America. China's Foreign Direct Investment in Mexico is still small (about 1% of Mexico's Foreign Direct Investment) but it is its fastest-growing source of outside investment. If Mexico's economy is going to surge, it needs to be more than just a middleman.

Persons: Luis Torres, —, Tesla, JULIO CESAR AGUILAR, Xi Jinping, Lintao Zhang, Kearney, Gerardo Esquivel Organizations: Service, Federal Reserve Bank of, Foreign, Investment, Bloomberg, Getty, Publishing Locations: Mexico, China, Wall, Silicon, Federal Reserve Bank of Dallas, Monterrey, Nuevo Leon, Nuevo León, Latin America, Yantai, Shandong Province, Mexican, United States

☆ New Zealand economy expands faster than expected
▼ + stars: | 2023-09-20 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. Annual growth increased to 1.8%, Statistics New Zealand data showed, above expectations of 1.2%. "It's a victory for the New Zealand economy and for the people who work hard every single day to deliver high quality jobs," Finance Minister Grant Robertson told reporters. The handling of the economy has been a central theme in this year's election with the opposition criticising the government's role in record high inflation and the slowing economy. The Reserve Bank of New Zealand (RBNZ) has been forecasting the economy would slip into recession in the second half of 2023.

Persons: David Gray, Gabrielle, Grant Robertson, Lucy Craymer, Sonali Paul Organizations: REUTERS, Statistics, New Zealand, U.S . Federal, Labour, New, Finance, ASB, Reserve Bank of New Zealand, Thomson Locations: Wellington , New Zealand, WELLINGTON, Statistics New Zealand, Zealand, New Zealand

☆ Yen flounders, dollar drifts ahead of c.bank bonanza
▼ + stars: | 2023-09-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The yen fell 0.1% to 147.76 per dollar and was kept pinned near last week's 10-month low of 147.95 per dollar. The euro meanwhile gave up some of its gains from the previous session and was last 0.12% lower at $1.0678. It had risen alongside euro zone government bond yields on Monday, following hawkish comments from European Central Bank (ECB) policymakers that further rate increases were on the cards. In other currencies, sterling edged 0.04% higher to $1.2390, ahead of an interest rate decision from the Bank of England (BoE) also due this week.

Persons: Dado Ruvic, Kazuo Ueda, Rodrigo Catril, Erik Weisman, NAB's Catril, BoE, Rae Wee, Lincoln Organizations: REUTERS, Rights, Federal, Wednesday, Bank of Japan's, National Australia Bank, NAB, Reserve Bank of Australia's, U.S, New Zealand, Fed, MFS Investment Management, European Central Bank, ECB, Reuters, Bank of England, Thomson Locations: Rights SINGAPORE, Asia

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