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☆ Dollar steadies before inflation test; yen brushes off Tokyo CPI
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +4 min

The dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data. The dollar index , which measures the currency against six major peers, consolidated around 104.82 after dipping as low as 104.63 overnight. Softer U.S. consumer price inflation data earlier in May rekindled rate cut expectations for this year, weakening the dollar across the board and setting it on track to post its first monthly losses in 2024. "All told, the Tokyo CPI leaves us confident that nationwide underlying inflation will fall below 2% as soon as July." Price data for the euro zone is due on Friday, following a stronger-than-expected April inflation reading for Germany on Wednesday.

Persons: John Williams, Matt Simpson, Index's Simpson, Marcel Thieliant, Sterling, bitcoin Organizations: Treasury, greenback, New York Fed, Index, PCE, Capital Economics, Japan's Ministry of Finance, Germany Locations: U.S, Tokyo, Asia

☆ China's quest to turn the yuan into a global currency isn't actually driven by domination. It's about sanctions.
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

"Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. The yuan faces challenges in its globalizationWhile the US and China's strategic competition points to a possible race for currency supremacy, the Chinese yuan is far from ready — and even Beijing knows that. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

Persons: —, Zoe Liu, Liu, Russia —, Xi, it's Organizations: Service, China Studies, Council, Foreign Relations, Business, Monetary, Financial, China's Bank of Communications, Renmin University Locations: China, Taiwan, London, Russia, Beijing, East Asia, Southeast, Central Asia

☆ Gold prices drop as strong U.S. dollar, yields dim bullion's shine
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore. Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve's interest rate plan. "I think it's a case of investors realizing that the current high interest rate environment is likely to have an extended stay. And with the focus again turning to chasing U.S. yields and dollar, some attention is taken away from gold this week," said Tim Waterer, chief market analyst at KCM Trade. While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.

Persons: Tim Waterer, Bullion, Waterer Organizations: U.S ., KCM, Traders, Global, BHP Group Locations: Singapore, ., U.S

☆ China wants to turn the yuan into a global currency out of fear of sanctions, not domination
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Beijing's goal now is to minimize any impact from potential sweeping sanctions from the West in "extreme geopolitical scenarios," such as a military conflict over Taiwan, which China claims as its territory, wrote Liu. "Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

☆ A group of emerging nations could soon start knocking down one key pillar of dollar dominance
▼ + stars: | 2024-05-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The BRICS bloc could pick up its de-dollarization agenda at its October summit in Kazan, Russia. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe BRICS group of emerging nations has been agitating for a move away from US dollar dominance. Last year, Brazilian President Luiz Inácio Lula da Silva called for a BRICS common currency.

Persons: —, Luiz Inácio Lula da Silva, United Arab Emirates — Organizations: Service, United, United Arab Emirates, Business Locations: Kazan, Russia, Brazil, India, China, South Africa, Iran, Egypt, Ethiopia, United Arab

☆ These are some of the highest-paying jobs for digital nomads
▼ + stars: | 2024-05-27 | by ( Tim Paradis | ) www.businessinsider.com time to read: +1 min

A review of remote jobs worldwide found data scientists earned $132,000 on average. Greenback Expat Tax Services reviewed 6,800 job listings and polled 1,000 Americans on remote work. Many Gen Z workers are interested in becoming digital nomads, seeking flexibility and travel. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The findings by Greenback Expat Tax Services, which provides tax services for expats, were based on a review of nearly 6,800 job listings posted on Indeed from around the world.

Persons: — Organizations: Expat Tax, Service, Tax, Business Locations: expats

☆ Gold price gains, but set for first weekly fall in three
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rose on Friday, but were headed for their first weekly fall in three as expectations for interest rate cuts began to fade following the hawkish tone adopted in the U.S. Federal Reserve's latest minutes. Spot gold rose 0.54% to $2,340.90 per ounce, after earlier hitting its lowest since May 9. While the policy response for now would "involve maintaining" interest rates at current levels, the latest Fed minutes reflected discussions of possible hikes. Higher interest rates make non-yielding gold a less appealing investment. Previous expectations were for a likely first rate cut in September.

Persons: Ross Norman, Ricardo Evangelista Organizations: U.S, U.S . Federal, Federal, Traders Locations: U.S .

☆ De-dollarization is 'a myth,' and there's no big shift taking place away from the US currency, commodities expert says
▼ + stars: | 2024-05-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Practically no one is phasing out the dollar for trade or foreign reserves, he said. No one is dumping dollars," Christian said of de-dollarization in a recent presentation. Its closest competitor, the euro, accounted for just 19% of all central bank reserves in 2022, down from around 29% several decades ago. Advertisement"There has been a diversification of central bank foreign exchange holdings, but it's not at the expense of the dollar, and it's not away from the dollar," Christian said. "Clearly people are buying dollars in a much greater volume than they are selling dollars," Christian said.

Persons: Jeffrey Christian, —, Christian, it's, Chris Wallace, Wallace Organizations: CPM, Service, Bank of International Settlements, Monetary Fund, Federal Locations: Russia, China

☆ China ramps up de-dollarization efforts by dumping a record amount of US bonds
▼ + stars: | 2024-05-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China sold a record $53.3 billion worth of Treasurys and agency bonds in the first-quarter, Bloomberg reported. AdvertisementChina unloaded a record volume of US bonds in the first quarter, escalating the country's pivot from dollar-denominated assets. AdvertisementBy last year, China was already discarding US debt to prop up its yuan, given considerable declines against the dollar. Now, the metal makes up a 4.9% of Chinese reserves, the highest since at least 2015, Bloomberg said. China is also de-dollarizing its reserves as part of a broader movement to diversify global finance, and chip at dollar dominance.

Persons: —, Biden, Donald Trump Organizations: Bloomberg, Service, US Treasury, greenback, Biden Administration, West Locations: China, Beijing, Russia

☆ Gold hits record peak as rate cut bets burnish appeal, silver jumps
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices hit an all-time high on Monday as a slowing U.S. inflation trend boosted expectations that the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak. Spot gold was up 0.9% at $2,436.76 per ounce, as of 0340 GMT after hitting a record high of $2440.49 earlier in the session. Data last week showed signs of cooling inflation and traders now expect a 65% chance of a U.S. rate cut by September. "Gold prices sneaked in a cheeky record high ahead of China's (market) open on Monday. Spot silver rose 2.5% to $32.28 after hitting an over 11-year high.

Persons: Kyle Rodda, Bullion, Matt Simpson, Wang Tao Organizations: Fort, Federal Reserve, Index, Palladium Locations: Fort Knox Alaska, Kinross, Tetlin , Alaska, U.S, China's, China

☆ Gold drifts higher as rising Fed rate cut expectations boost appeal
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September. Spot gold rose 0.1% at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1% to its highest since April 19 on Wednesday. "Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective," said Tim Waterer, chief market analyst at KCM Trade. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week." Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Tim Waterer, Austan Goolsbee, Jerome Powell's Organizations: U.S . Federal Reserve, Treasury, KCM, Chicago Federal Reserve Bank Locations: .

☆ Oil prices rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

☆ The US dollar has become so weaponized that central banks are snapping up politically-neutral gold
▼ + stars: | 2024-05-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks accounted for one-quarter of gold demand in 2022 and 2023, as the institutions bought over 1,000 tons of gold each year, according to the World Gold Council in a recent report. Related storiesThe world's central banks continued buying gold, snapping up 290 tons of gold in the first quarter of this year — the strongest start to any year on record, according to the council. AdvertisementThis suggests that gold purchases by some central banks may have been driven by concerns about sanctions risk, Gopinath said. Central banks will keep buying, despite high pricesWhile China's central bank gold buying has been hogging the headlines, other central banks are also loading up on gold. The World Gold Council wrote in its recent report that other big gold buyers included Turkey and India.

Persons: —, Gita Gopinath, it's, Gopinath, IMF's Gopinath Organizations: Service, Monetary Fund, Business, World Gold, US Treasury, Agency, JPMorgan Locations: Ukraine, Central, Russia, China, Turkey, India

☆ 3 reasons the dollar can't be dethroned as the world's dominant currency, according to Morgan Stanley
▼ + stars: | 2024-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

De-dollarization efforts won't do much to dethrone the dollar, Morgan Stanley said. There are no true alternatives to holding the US dollar at the moment, Morgan Stanley strategists said. AdvertisementThe dollar's status as the top currency of central banks and for international trade probably isn't fading soon, according to Morgan Stanley. "Now, reasonable people can disagree about whether cryptocurrencies are going to appreciate or depreciate, but I'd argue that the best outcome for a dominant currency is neither." Displacing a dominant currency is something that happens over the course of decades, economists previously told Business Insider, as it takes time for people to shift to other currencies once a dominant currency is recognized as "safe."

Persons: Morgan Stanley, —, James Lord, Michael Zezas, That's, Lord, there's, Zezas, Crypto, David Adams, Morgan Stanley's Organizations: Service, Rivals, greenback, Business Locations: Beijing, China

☆ Dollar nurses losses after another set of soft jobs data
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +4 min

Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.

Persons: Commonwealth Bank of Australia's Joseph Capurso, Shunichi Suzuki, Rong Ren Goh, Sterling, BoE, Goh Organizations: U.S, Federal Reserve, dovish Bank of England, Commonwealth Bank of Australia's, Tokyo, Japan's Finance, Eastspring Investments, Bank of England, Monetary, Committee, Fed, Treasury, Traders, PPI, Federal Locations: U.S, United States

☆ Japan not seeking a strong yen but a stable currency, David Roche says
▼ + stars: | 2024-05-09 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Japan is not seeking a strong yen but rather aiming for a relatively stable currency, according to veteran investor David Roche. The Japanese yen has been on a roller coaster ride, with the currency breaking past 160 against the greenback last week — steepest decline in more than three decades. "The Japanese are not aiming at a particularly strong yen. Japan could not "possibly speak to have policy that really results in a strong yen unless they tighten monetary policy," Roche said, adding that it would involve raising interest rates by at least 50 basis points and allowing "unsterilized intervention" of the yen. As far as I can see from the statistics, they've [Bank of Japan] done nothing like that," Roche noted.

Persons: David Roche, Roche, CNBC's Organizations: greenback, Independent, Bank of Japan, Bank of Locations: Japan, Bank of Japan

☆ Dollar holds its ground as key inflation data looms
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +2 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Against the Japanese yen, the dollar slowly inched up after it fell more than 3% last week, its biggest weekly percentage drop since early December 2022. Japan's top currency diplomat Masato Kanda on Thursday reiterated a warning that Tokyo is ready to take action in the currency market. The dollar index rose to 0.05% to 105.55, while the Japanese yen was mostly flat at 155.59 per greenback. The BOE is likely to take another step towards its first interest rate cut in four years as inflation falls.

Persons: Masafumi Yamamoto, Masato Kanda, Susan Collins, Sterling, BOE, bitcoin Organizations: Federal Reserve, Bank of, Mizuho Securities, Traders, PPI, Fed Bank of Boston, European Central Bank Locations: Buenos Aires, Argentina, Japan, U.S, United States, Tokyo, —

☆ Gold slips as dollar firms, traders brood on rate cut timing
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was down 0.1% at $2,311.07 per ounce as of 0235 GMT. The dollar index rose 0.1%, making greenback-priced gold more expensive for other currency holders. If the upcoming reports show scary inflation, then the Fed can't cut rates and it will pressure gold, he added. Bullion is used as a hedge against inflation, but higher rates reduce the appeal of holding the non-yielding asset. Markets are currently seeing a 65% chance of a U.S. rate cut in September, as per CME's FedWatch Tool.

Persons: Ilya Spivak, Neel Kashkari, Spivak Organizations: University of, Minneapolis Locations: U.S, China's, China

☆ The US dollar is so strong that China's central bank, among others, just keeps loading up on gold
▼ + stars: | 2024-05-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks are on a gold-buying spree, contributing to record-high spot gold prices. Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback. Other central banks are also loading up on gold. Emerging market central banks that bought gold in the first quarter of the year include Kazakhstan, Oman, Kyrgyzstan, and Poland. There are political motivations for central banks to diversify their assets, too.

Persons: —, it's, bode Organizations: Service, People's Bank of China, greenback, Gold, JPMorgan, Allianz Locations: China, Turkey, India, Kazakhstan, Oman, Kyrgyzstan, Poland, United States

☆ Oil prices edge lower on rising U.S. stockpiles
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand. Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel by 0020 GMT. U.S. crude stocks rose by 509,000 barrels in the week ended May 3, market sources said citing American Petroleum Institute figures. Analysts polled by Reuters expect U.S. crude oil inventories to have fallen by about 1.1 million barrels last week. Hopes of a ceasefire in Gaza have also put pressure on oil prices in recent sessions.

Persons: Bill Burns, Benjamin Netanyahu Organizations: American Petroleum Institute, Brent, . West Texas, Official U.S, Reuters, EIA, Hamas, U.S . Central Intelligence Agency, Wednesday, Israeli, U.S Locations: Gaza, U.S, Israel

The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. Analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the U.S. and Japan remain. Analysts expect the central bank to leave the door open to lower interest rates as early as June. The Australian dollar fell 0.2% to $0.6585, pressured in part by a less hawkish outlook from the Reserve Bank of Australia than anticipated after it held interest rates steady on Tuesday.

Persons: Kazuo Ueda, Shunichi Suzuki, they'll, Carol Kong, Neel Kashkari, Kashkari, Rodrigo Catril Organizations: Federal, U.S, Bank of Japan, country's Finance, Commonwealth Bank of Australia, New Zealand, greenback, Minneapolis, Minneapolis Fed, National Australia Bank, Bank of, Reserve Bank of Australia Locations: Tokyo, Beijing, Japan, Bank, U.S, Minneapolis

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

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

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

☆ Japan's finance minister says yen intervention may be necessary when there are 'excessive' moves
▼ + stars: | 2024-05-03 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "When there is an excessive movement, it may be necessary to smooth it out," he told CNBC's Dan Murphy, according to a translation. Japanese Finance Minister Shunichi Suzuki on Friday backed currency interventions by his country's policymakers if the yen moved in sharp directions that started to impact households and companies. The finance minister declined to comment when asked whether current levels for the yen were appropriate. In the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose strategy.

Persons: Shunichi Suzuki, CNBC's Dan Murphy, they've, Nicholas Smith Organizations: Toki, Japanese Finance, CNBC Locations: Niigata, Japan, Tbilisi , Georgia, propping

☆ Japan's yen had a rollercoaster week amid suspected intervention. Here's what you need to know
▼ + stars: | 2024-05-03 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

An undated photographic illustration of Japanese yen and the U.S. dollar bank notes. The yen touched 160.03 against the greenback on Monday, for the first time since 1990, but strengthened to 156 levels later that day amid speculation about an intervention by Japanese authorities. Japanese authorities are yet to issue an official statement confirming their role in propping up the currency. In the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose policy, leading to concentrated carry trades in the Japanese yen. Market participants believe Japanese authorities will intervene further to prop up the currency.

Persons: Glowimages, they've, Nicholas Smith, Kazuo Ueda, Edward Yardeni Organizations: U.S, Glowimages, CNBC, Bank of America Global Research, Bank of Japan, Bank of, Federal Reserve, Yardeni Research Locations: propping, Japan, U.S, Bank of Japan

☆ Japan just spent billions to boost the flailing yen — and the US may get involved too
▼ + stars: | 2024-05-02 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Japan is reportedly using its dollar reserves to prop up the falling yen. The US may step in to assist Japan, but the problem lies with the strong dollar. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, greenback, Business Locations: Japan

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