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☆ Analysis: BOJ's hawkish tilt suggests end to super-easy policy approaching
▼ + stars: | 2023-09-11 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

Another board member, Junko Nakagawa, laid out the conditions for ending negative rates, notably a continued improvement in household confidence. "When we see many people share prospects that wages will keep rising, we may be able to exit (negative rates)." Less than half expect negative rates to end in 2024. There seems to be no consensus within the BOJ board, however, on when or how the bank would dismantle Kuroda's complex policy framework. Ueda said the BOJ could end negative rates if it believed that inflation would sustainably hold above the target.

Persons: Kazuo Ueda, Kim Kyung, Ueda, Tamura, Haruhiko Kuroda, Naoki Tamura, Kuroda, Mari Iwashita, Hajime Takata, Junko Nakagawa, Shinichi Uchida, Leika, Sam Holmes Organizations: Japan, REUTERS, Bank of Japan, Daiwa Securities, Reuters, Thomson Locations: Tokyo, Japan, TOKYO, U.S

Stock prices were mostly higher in Asia on Monday as investors awaited an update on U.S. inflation and China’s latest economic data. The futures for the S&P 500 and Dow were trading higher. That could lead the Federal Reserve and other central banks to keep interest rates higher for longer, which would hurt prices for shares and other investments. On Friday, stocks edged higher on Wall Street, but markets still ended their first losing week in the last three. High interest rates are supposed to slow the economy and hurt the job market, which should ultimately help undercut inflation.

Persons: Zichun Huang, Hong, Hang Seng, Australia's, Kroger, ” Stephen Innes, Brent, Kazuo Ueda Organizations: Dow, Federal Reserve, Economics, Nikkei, U.S, Labor, Dow Jones, Nasdaq, Albertsons, Treasury, Management, New York Mercantile Exchange, Bank of Japan Gov Locations: Asia, Hong Kong, Tokyo, Shanghai, Sydney, Seoul, China

☆ Morning Bid: China's weak property stocks set the pace
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. Property shares are taking a beating after weekend data showed new home sales in China's biggest cities slumped by half in the first week of this month. Reuters GraphicsMeanwhile, China's central bank yanked the yuan off a 16-year low by setting the strongest official midpoint fixing - as compared with market expectations - on record. BOE chief economist Huw Pill is on speaking duty today, setting the scene for British jobs data on Tuesday and GDP the day after. That makes U.S. CPI data due Wednesday the key data point to watch this week.

Persons: Kevin Buckland, HSI, Kazuo Ueda, it's, BOE, Huw Pill, Edmund Klamann Organizations: REUTERS, Staff, China . Property, Bank of Japan, Yomiuri, ECB, Bank of England, Fed, U.S, CPI, Reuters, Thomson Locations: Frankfurt, Germany, Europe, Asia, China, China's, Sweden, Italy

☆ Morning Bid: Japan jolt as inflation forks
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +5 min

A man walks past the headquarters of Bank of Japan in Tokyo, Japan, January 17, 2023. "If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so," Ueda said. The yen surged 1% against the dollar, knocking the U.S. currency back more generally (.DXY) on the foreign exchange markets. If Japan's does tighten further by yearend, it comes as the Federal Reserve and European Central Bank rate hike campaigns are coming to halt. News of an expected return of headline Chinese consumer price inflation to positive territory last month and above-forecast August lending data helped mainland shares (.CSI300) higher, with the yuan bouncing back from 16-year lows.

Persons: Issei Kato, Mike Dolan, Kazuo Ueda, Ueda, Alibaba, Daniel Zhang, Bank of England policymaker Catherine Mann, Christina Fincher Organizations: Bank of Japan, REUTERS, U.S, Tokyo Stock, Nikkei, Global, Treasury, yearend, Federal Reserve, European Central Bank, ECB, Fed, CPI, OpenAI, Wall Street, SoftBank Group, underwriters, Bank of England, Oracle, Graphics, Graphics Reuters, Thomson, Reuters Locations: Tokyo, Japan, U.S, Hong Kong, Ottawa

☆ BOJ head Ueda signals chance of ending negative rates - Yomiuri
▼ + stars: | 2023-09-08 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

The central bank could have enough data by year-end to determine whether it can end negative rates, Ueda told the paper in an interview on Wednesday. "If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so," he added. The BOJ currently guides short-term interest rates at -0.1% under its negative rate policy. Ueda repeated the stance in the interview, saying the BOJ will "patiently" maintain ultra-loose policy for the time being. Under a negative rate policy, banks and other financial institutions are required to pay interest for parking excess cash -- beyond what authorities say they must keep on hand for safety reasons -- with the central bank.

Persons: Florence Lo, BOJ, Ueda BOJ, Kazuo Ueda, Ueda, we're, Leika, Jonathan Oatis, Josie Kao, David Gregorio Our Organizations: REUTERS, Bank of Japan, Yomiuri, Thomson Locations: TOKYO, Japan

☆ Dollar drops on jobs data, yen rises from 10-month low
▼ + stars: | 2023-08-29 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

The Japanese yen also gained, after earlier falling to a 10-month low. The dollar briefly reached an almost 10-month high against the Japanese yen earlier on Tuesday, before dropping on the jobs data. The Bank of Japan remains an outlier among global central banks with its loose monetary policy, even as it slowly shifts away from yield curve control. “It is moving away from excessively loose monetary policy, but it’s doing so at a very slow and measured pace,” Rai said. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance to buy the yen and push the pair back to around 140 yen.

Persons: Dado Ruvic, Jerome Powell, Bipan Rai, ” Rai, “ It’s, Charu, Kazuo Ueda, Lee Hardman, Karen Brettell, Alun John, Sharon Singleton, Jonathan Oatis Organizations: REUTERS, U.S, Action Economics, Federal Reserve, CIBC Capital Markets, Bank of Japan, Ministry of Finance, Saxo, Jackson, European Central Bank, Thomson Locations: North American, Toronto, U.S, Japan, London

☆ Bonds rally, stocks drift as China boost fades
▼ + stars: | 2023-08-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The yen remained an outlier and within a whisker of Monday's 10-month low, which has traders on edge about the risk of intervention. Over the weekend, China announced a halving in stock-trading stamp duties and had on Friday approved some guidelines for affordable housing. Hong Kong's Hang Seng (.HSI) closed less than 1% higher on Monday and was 1% firmer in early trade on Tuesday. On Tuesday in New Zealand shares in Tourism Holdings (THL.NZ), the world's largest campervan rental company, surged 13% after the company reported a record underlying profit. On Tuesday, U.S. job openings figures are due, ahead of Friday's broader labour market data and the ISM manufacturing survey.

Persons: Damian Rooney, Kazuo Ueda, Goldman Sachs, Ryan Felsman, Jason Xue, Sam Holmes Organizations: Nikkei, Argonaut Securities, HK, Bank of Japan, Tourism Holdings, New, Commonwealth Bank of Australia, Thomson Locations: SINGAPORE, U.S, Asia, Pacific, Japan, Hong Kong, China, Perth, New Zealand, Sydney, Shanghai

The greenback hit 146.75 Japanese yen, the highest since Nov. 9, and last traded at 146.51, up 0.05% on the day. Traders are watching out for any signs of intervention in the currency market from Japanese authorities as the yen weakens. The euro has weakened against the greenback for the past month due to the diverging economic outlooks for each region. China's yuan steadied against the dollar, buoyed by the Chinese central bank persistently setting stronger-than-expected daily-mid-points. The China-sensitive Australian dollar rose 0.32% to $0.6423, having taken a beating this month as worries over China's sputtering post-pandemic recovery weighed on sentiment.

Persons: Dado Ruvic, Kazuo Ueda, Jerome Powell, ”, Marc Chandler, Tommy Wu, Karen Brettell, Joice Alves, Kirsten Donovan, Diane Craft Organizations: REUTERS, Bank of America, Federal, Treasury, Bank of Japan, greenback, Bannockburn Global, European Central Bank, Thomson Locations: U.S, Japan, Europe, Bannockburn, New York, China, Commerzbank, London

World shares (.MIWD00000PUS) were up 0.3% in European trading. European stocks, led by technology shares and China-exposed automakers, also rose. But the uncomfortable message from Jackson Hole may mean a protracted higher inflation than market bulls might have hoped, said the note. Figures on European Union inflation this week may also be instrumental in whether the European Central Bank (ECB) decides to hike next month. Oil prices drew some support from the storm developing in the Gulf of Mexico and China support.

Persons: Issei Kato, Florian Ielpo, Jerome Powell, Lombard, Ielpo, Jackson, Christine Lagarde, Ben Broadbent, Kazuo Ueda, Brent, Nell Mackenzie, Amanda Cooper, Stephen Coates, Hugh Lawson Organizations: Nikkei, U.S, REUTERS, Companies, payrolls, China PMI, China, Nasdaq, FTSE, China Evergrande, HK, Hong Kong Stock Exchange, Shanghai, Lombard, Traders, Federal, Fed, JPMorgan, European Central Bank, Bank of England, Bank of Japan, Thomson Locations: Tokyo, Japan, China, Beijing, Generali, Hollywood, Friday's, Gulf of Mexico

☆ Asia shares rally as China measures boost market
▼ + stars: | 2023-08-28 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) climbed 1.4%, having eked out minor gains last week to break a three-week losing streak. The improvement in risk sentiment saw EUROSTOXX 50 futures add 0.7%, while FTSE futures were closed for a holiday. S&P 500 futures and Nasdaq futures both edged up 0.1%, extending last week's modest rise. "We take this to mean that the FOMC does not intend to hike at the September meeting," wrote analysts at Goldman Sachs. Oil prices drew some support from a sharp rise in U.S. diesel prices, though concerns about Chinese demand remains a drag.

Persons: Issei Kato, Federal Reserve Jerome Powell, Goldman Sachs, Christine Lagarde, Ben Broadbent, Kazuo Ueda, Brent, Wayne Cole, Shri Navaratnam, Stephen Coates Organizations: Nikkei, U.S, REUTERS, payrolls, China PMI, China, Sunday, Investors, PMI, Nomura, Japan's Nikkei, Nasdaq, Federal Reserve, JPMorgan, European Central Bank, Bank of England, Bank of Japan, Thomson Locations: Tokyo, Japan, China, SYDNEY, Beijing, Asia, Pacific, Hollywood, Friday's, U.S

"The economy is a global economy, right? Yet Fed officials remain puzzled, and somewhat concerned, over conflicting signals in the incoming data. But gross domestic product is still expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%. Difficulties in China, meanwhile, may drag down global growth the longer they fester. Its slowdown after a short-lived growth burst earlier this year could pinch Germany's exports and slow Europe's growth, for instance.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Ann Saphir, JACKSON, Jackson, Pierre, Olivier Gourinchas, Loretta Mester, Mester, Lagarde, Biden, Nathan Sheets, Powell, Gourinchas, Howard Schneider, Dan Burns, Andrea Ricci Organizations: European Central Bank, Bank of Japan, Kansas City Federal, REUTERS, Federal, U.S, Monetary Fund, Cleveland Fed, Reuters, Citigroup, Consumer, Thomson Locations: Jackson Hole , Wyoming, U.S, , Wyoming, Brazil, Chile, China, Ukraine

☆ BOJ's Ueda: Underlying inflation still a bit below target
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

Bank of Japan Governor Kazuo Ueda speaks at a group interview with media in Tokyo, Japan, May 25, 2023. "We think that underlying inflation is still a bit below our target," Ueda said. Japan's core consumer inflation hit 3.1% in July, staying above the central bank's 2% inflation target for the 16th straight month, as companies continued to pass on higher costs to households. Nevertheless, inflation "is expected to decline" from here, he said, with the underlying trend still less than the target. It also sets an allowance band of 50 basis point around the 10-year yield target.

Persons: Kazuo Ueda, Kim Kyung, JACKSON, Ueda, Howard Schneider, Leika Kihara, Andrea Ricci, Diane Craft Organizations: Japan, REUTERS, Bank of Japan's, Reserve, Thomson Locations: Tokyo, Japan, , Wyoming

☆ ECB’s Lagarde says interest rates to stay high as long as needed to defeat inflation
▼ + stars: | 2023-08-26 | by ( ) www.cnbc.com time to read: +2 min

Interest rates in the European Union will need to stay high "as long as necessary" to slow still-high inflation, Christine Lagarde, president of the European Central Bank, said Friday. "While progress is being made," she said, "the fight against inflation is not yet won." Lagarde's remarks, at an annual conference of central bankers in Jackson Hole, Wyoming, came against the backdrop of the ECB's efforts to manage a stagnating economy with still-high inflation. The central bank has raised its benchmark rate from minus 0.5% to 3.75% in one year — the fastest such pace since the euro was launched in 1999. "If we also face shocks that are larger and more common — like energy and geopolitical shocks — we could see firms passing on cost increases more consistently," Lagarde said.

Persons: Jerome Powell, Christine Lagarde, Kazuo Ueda, Lagarde Organizations: European Central Bank, Bank of Japan, Kansas City Federal, European Union Locations: Jackson Hole , Wyoming, European, Ukraine

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. Rising U.S. Treasury yields, with benchmark 10-year yields hitting 16-year highs on Tuesday, and unease over China have boosted the dollar this month. "What we're seeing is a bit of a pause," said Fiona Cincotta, senior markets analyst at City Index, in London. The U.S. dollar index - which measures the currency against six major counterparts, was a touch softer at 103.30, holding below Friday's 10-week highs at 103.68. The Australian dollar was 0.4% firmer at $0.6441 as global risk appetite recovered.

Persons: Dado Ruvic, Bond, Powell, Jackson, Fiona Cincotta, We've, Kazuo Ueda, Jerome Powell, Sterling, Lee Hardman, Dhara Ranasinghe, Kevin Buckland, Angus MacSwan, Bernadette Baum Organizations: REUTERS, U.S, Treasury, City Index, Bank of Japan, Federal, Thomson Locations: China, London, , Wyoming, U.S, Toyko

☆ Dollar eases before Jackson Hole, yen rises amid intervention jitters
▼ + stars: | 2023-08-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. China's yuan briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. Traders are wary of intervention after levels around 146 spurred the first yen buying by Japanese officials in a generation last September. On Thursday, the dollar reached 146.565 yen for the first time since Nov. 10.

Persons: Dado Ruvic, Jerome Powell, Kazuo Ueda, Richard Franulovich, Powell, Kristina Clifton, Kevin Buckland, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, Bank of Japan, U.S ., Westpac, Treasury, Traders, Sterling, Commonwealth Bank of Australia, Thomson Locations: Bank, Jackson Hole , Wyoming, China's, Beijing, China

New Governor of Bank of Japan Kazuo Ueda meets Japanese Prime Minister Fumio Kishida at prime minister?s official residence in Tokyo, Japan, April 10, 2023. The discussions took place in the wake of the dollar's recent ascent above 145 yen, a level that in September 2022 triggered Japan's first yen-buying operation since 1998. "There wasn't anything in particular discussed today," Ueda told reporters after the meeting, when asked whether the two held talks on recent exchange-rate volatility. Ueda also said he explained to Kishida the Bank of Japan's decision last month to loosen its grip on long-term interest rates. It was the second such meeting since Ueda assumed the top BOJ post in April.

Persons: Bank of Japan Kazuo Ueda, Fumio Kishida, Kimimasa, Ueda Yen, Kazuo Ueda, Japan's, Ueda, Haruhiko, Shunichi Suzuki, Tetsushi Kajimoto, Satoshi Sugiyama, Chang, Ran Kim, Edmund Klamann Organizations: Bank of Japan, REUTERS Acquire, Ueda, Bank of, Soaring U.S, Treasury, Thomson Locations: Tokyo, Japan, TOKYO

☆ Morning Bid: Skyrocketing yields in the spotlight
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookBond selling extended on Tuesday to drive 10-year Treasury yields to fresh 16-year highs in Asia trade and leave already-nervous stock markets cautious. But it isn't inflation, as inflation expectations have hardly budged -- investors are plainly demanding a higher return to keep on buying the stuff. Some analysts have drawn attention to the coincidence of timing between the selloff and the Bank of Japan's signal that it would allow 10-year Japanese yields as high as 1%. Small beer on the data calendar on Tuesday will keep the focus on yields and on Fed Chair Jerome Powell's Jackson Hole speech on Friday. The yen took a small boost on the risk of intervention after Bank of Japan Governor Kazuo Ueda met with Prime Minister Fumio Kishida.

Persons: Dado Ruvic, Tom Westbrook Bond, Jackson, Jerome Powell's Jackson, HSI, Thaksin Shinawatra, Kazuo Ueda, Fumio Kishida, Ueda, Shri Navaratnam Organizations: REUTERS, Bank of, BHP Group, Bank of Japan, Reuters, Better, Thomson Locations: Asia, Shanghai, Hong Kong, China, Bangkok

☆ Asia markets set to fall ahead of Bank of Japan rate decision
▼ + stars: | 2023-07-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Bank of Japan Governor Kazuo Ueda arrives to conduct an interview with a small group of journalists in Tokyo on May 25, 2023. Richard A. Brooks | AFP | Getty ImagesAsia-Pacific markets are set to fall ahead of the Bank of Japan's rate decision on Friday. Japan's central bank is expected to keep its benchmark policy rate unchanged at -0.1%, but investors will be keenly watching for any signs of a shift in stance towards its yield curve control policy. In Australia, futures for the S&P/ASX 200 were at 7,367, lower than the index's last close of 7,455.9, ahead of its producer price index figures for the second quarter. Futures for Hong Kong's Hang Seng index also point to a lower open for the index, standing at 19,347 compared to the HSI's last close of 19,639.11.

Persons: Kazuo Ueda, Richard A, Brooks Organizations: Japan, AFP, Getty, Bank of, Nikkei Locations: Tokyo, Asia, Pacific, Japan's, Chicago, Osaka, Australia

☆ Morning Bid: Markets shrug off upbeat news from Japan and China
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

With a Reuters poll pointing to a sharp slowing in Tokyo's core CPI for July next week, Bank of Japan Governor Kazuo Ueda is likely to remain confident about sticking to Japan's ultra-easy policy settings next Friday, keeping the yen on the back foot. China's latest efforts to boost consumption provided a small lift to mainland stocks, but markets continue to look ahead to the Politburo meeting, expected next week, for bigger stimulus announcements. The piecemeal measures unveiled so far suggest there's plenty of scope for disappointment. Where Beijing seems to be having greater impact is in propping up the Chinese yuan , which was holding the bulk of Thursday's gains after another stronger-than-forecast midpoint setting on Friday. A sharp drop in the July GfK consumer confidence gauge, which came in below the lowest Reuters poll forecast, suggests sentiment remains downbeat after what's expected to be a weaker UK retail sales reading for June.

Persons: Sonali Desai, Kazuo Ueda, Edmund Klamann Organizations: Netflix, Bank of Japan, U.S . Federal Reserve, European Central Bank, Reuters, Thales SA, Bank, American Express, Schlumberger NV, Thomson Locations: Asia, Japan, U.S, Beijing, propping

☆ Japan's central bank has been 'wrong footed' on inflation, analyst says
▼ + stars: | 2023-07-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Bank of Japan Governor Kazuo Ueda arrives to conduct an interview with a small group of journalists in Tokyo on May 25, 2023. Richard A. Brooks | AFP | Getty ImagesAnalysts are split over the Bank of Japan's moves after the country's core inflation came in above the central bank's target of 2% for the 15th straight month. CLSA Japan strategist Nicholas Smith is of the view that the BOJ has been "wrong-footed" on inflation. Under the YCC policy, the central bank targets short-term interest rates at -0.1% and the 10-year government bond yield at 0.5% above or below zero, with the aim of maintaining the inflation target at 2%. To Smith, there is "plenty of probability" for the BOJ to shift its stance on YCC at the next central bank meeting next Friday.

Persons: Kazuo Ueda, Richard A, Brooks, Nicholas Smith, Smith, CNBC's, Tetsufumi Yamakawa, Yamakawa, I've Organizations: Japan, AFP, Getty, Bank of, Reuters, Barclays Locations: Tokyo, Japan

☆ Asia stocks gain; US futures slip after Netflix, Tesla earnings
▼ + stars: | 2023-07-20 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, July 20 (Reuters) - Asian stocks rose and sterling stumbled on Thursday as cooling UK inflation lifted risk appetite ahead of central bank meetings next week, while disappointing earnings results from Netflix and Tesla pushed U.S. futures lower. The Bank of England is due to meet in the first week of August but before that central bank meetings in Japan, Europe and the United States will likely grab investors' attention. Overnight, the Dow Jones Industrial Average and S&P 500 index rose modestly, with the blue-chip Dow registering its eighth straight day of gains. But futures fell in Asian trade, with E-mini futures for the S&P 500 0.15% lower and Nasdaq futures down 0.44%after earnings from streaming giant Netflix and EV maker Tesla. In commodities, Chicago wheat futures rose 1.4% to hit a three-week high on growing expectations that an attack on Ukrainian ports after Russia's withdrawal from a Black Sea export deal would have a longer-term impact on global supply.

Persons: Tesla, Hong, HSI, Sterling, Kazuo Ueda, Saira Malik, Malik, Elon Musk, TSMC, Brent, Ankur Banerjee, Sam Holmes Organizations: Netflix, Japan's Nikkei, Bank of England, Traders, European Central Bank, Bank of Japan, Federal, U.S, U.S . Federal, Dow Jones Industrial, Dow, Nasdaq, Tesla, Wall, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Shanghai, Europe, United States, U.S ., Singapore

[1/3] Pound notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. REUTERS/Phil Noble/LONDON/SINGAPORE, July 19 (Reuters) - Sterling slid on Wednesday after lower-than-expected British inflation data suggested the Bank of England might not have to raise rates quite as high as expected, while the latest dovish comments from the Bank of Japan caused the yen to soften. ,That was the British currency's lowest in a week against the dollar, as it continued to roll off a 15-month high of $1.3144 hit Thursday. Bank of Japan Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably achieving the central bank's 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being, in contrast to the hawkishness at other major central banks. Economists polled by Reuters expect the Fed to deliver a 25-basis-point rate hike at its upcoming policy meeting this month, with a majority betting that will bring an end to the central bank's current monetary tightening cycle.

Persons: ber, Phil Noble, Sterling, “, Kenneth Broux, Kazuo Ueda, Alun John, Rae Wee, Shri Navaratnam, Sam Holmes, Sharon Singleton Organizations: REUTERS, LONDON, Bank of England, Bank of Japan, Societe Generale, New Zealand, Federal, Reuters, Thomson Locations: Manchester, Britain, SINGAPORE, British, Asia Pacific, London, Singapore

☆ Dollar tentative, kiwi jumps as NZ inflation data tempers rate doves
▼ + stars: | 2023-07-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

[1/2] A New Zealand Dollar note is seen in this picture illustration June 2, 2017. Against a basket of currencies, the U.S. dollar rebounded from a 15-month low hit in the previous session, with its index steadying at 99.943 in early Asia trade. Sterling <GBP=D3> bought $1.3035, ahead of UK inflation data due later on Wednesday. "The stickiness of UK inflation measures has contrasted notably with price measures in both the euro zone and the U.S. which have been moving lower," said Rabobank's head of FX strategy Jane Foley. "While inflation is 'lower', it is not 'low' by any stretch of the imagination.

Persons: Thomas White, Tina Teng, Klaas, Jane Foley, Satish Ranchhod, Kazuo Ueda, Rae Wee, Shri Navaratnam Organizations: REUTERS, New Zealand, U.S ., U.S, CMC Markets, Reuters, Federal Reserve, European Central Bank, ECB, Sterling, Bank of, Reserve Bank of New, Westpac, Australian, Bank of Japan, Thomson Locations: SINGAPORE, Asia, U.S, Bank of England, New Zealand, Reserve Bank of New Zealand

☆ Dollar tentative, kiwi jumps as New Zealand inflation data tempers rate doves
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +3 min

English, American and New Zealand currency around a paper map of the world. The dollar held just above an over one-year low on Wednesday as traders assessed the U.S. rate outlook, while the New Zealand dollar spiked briefly after a higher-than-expected inflation reading pushed back prospects of policy easing further out. Sterling bought $1.3035, ahead of U.K. inflation data due later on Wednesday. "The stickiness of U.K. inflation measures has contrasted notably with price measures in both the euro zone and the U.S. which have been moving lower," said Rabobank's head of FX strategy Jane Foley. "While inflation is 'lower', it is not 'low' by any stretch of the imagination.

Persons: Tina Teng, Klaas, Sterling, Jane Foley, Satish Ranchhod, Kazuo Ueda Organizations: New Zealand, U.S ., U.S, CMC Markets, Reuters, Federal Reserve, European Central Bank, ECB, Bank of, Reserve Bank of New, Westpac, Australian, Bank of Japan Locations: Zealand, Asia, U.S, Bank of England, New Zealand, Reserve Bank of New Zealand

Global financial markets have been closely watching Japan's wage data, as Bank of Japan Governor Kazuo Ueda regards pay growth as a key gauge to consider in deliberations about a shift in policy. Regular wages rose 1.8% in May from a year before, labour ministry data showed, the biggest gain since February 1995. The strong base pay growth boosted worker's total cash earnings, or nominal wages, by 2.5% in May, after a revised 0.8% increase logged in April. Still, real wages contracted 1.2% in May, the 14th consecutive month of year-on-year declines, as relentless consumer inflation outstrips nominal pay growth and squeezes households' buying power. On a seasonally adjusted month-on-month basis, household spending was down 1.1%, versus an estimated 0.5% gain to mark a fourth month of decline.

Persons: Kazuo Ueda, Kuroda, Hisashi Yamada, Rengo, Takumi Tsunoda, Shinichi Uchida, Taro Saito, Satoshi Sugiyama, Kantaro, Tetsushi Kajimoto, Sam Holmes Organizations: Global, Bank of Japan, Hosei University, Shinkin Central Bank Research, Nikkei, BOJ's, NLI Research, Thomson Locations: TOKYO

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