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☆ Porta Advisors discusses end of Credit Suisse backstop
▼ + stars: | 2023-08-11 | 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 EmailTiming of UBS decision to scrap backstop for Credit Suisse deal is perfect: Financial advisory firmBeat Wittmann of Porta Advisors discusses UBS' decision to end a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.

Persons: Beat Wittmann, Porta Organizations: UBS, Credit Suisse, Porta Advisors Locations: Swiss

☆ European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%
▼ + stars: | 2023-08-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index was down 0.5% in the first minutes of trading, with all sectors opening in negative territory. Mining stocks led losses with a 1% downturn, followed by oil and gas and autos, which both dropped 0.9%. UBS announced Friday it ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop originally put in place by the Swiss government when the bank took over rival bank Credit Suisse in March. The pan-European Stoxx 600 index ended the previous session up 0.8%, with household goods adding 2.2% to lead gains on the back of strong earnings. Mining stocks slid 0.9%.

Organizations: Bureau of Labor Statistics, UBS, Credit Suisse, Mining Locations: U.S, Swiss, Asia, Pacific

☆ UBS ends Credit Suisse's government and central bank protections
▼ + stars: | 2023-08-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March. UBS said the decision followed a "comprehensive assessment" of Credit Suisse's non-core assets that were covered by the liquidity support measures. "These measures, together with the intervention of UBS, contributed to the stabilization of Credit Suisse and financial stability in Switzerland and globally," UBS said in a statement. Credit Suisse has also fully repaid an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the Swiss National Bank in March, as the lender teetered on the brink after a collapse in shareholder and investor confidence, UBS confirmed.

Organizations: Credit Suisse, UBS, Swiss National Bank, Confederation, Swiss Federal Council Locations: Zurich, Switzerland, Swiss

☆ Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more
▼ + stars: | 2023-08-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

News Corp — The media company's shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. Meanwhile, the company's revenue of $2.43 billion missed analysts' forecast of $2.49 billion. Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The decline comes after shares rose nearly 3% in the previous session on the back of the company's earnings announcement. Kura Oncology — The biotech company's shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note.

Persons: Refinitiv, Alibaba, Krispy, Morgan Stanley, DigitalOcean, —, Alex Harring, Yun Li Organizations: Artificial Intelligence, News Corp, News, UBS —, UBS, Credit Suisse, Swiss National Bank, — Semiconductor, VanEck Semiconductor, NXP, Lam Research, Materials, Nvidia, Semiconductor, FactSet, Wynn Resorts, Caesars Entertainment, JPMorgan, Mizuho, Capri Holdings, Kura Oncology, Bank of America, Holdings Locations: Shanghai, China, U.S, Coinbase, Kura

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/IllustrationTOKYO/LONDON, Aug 10 (Reuters) - The dollar slipped against most currencies on Thursday ahead of U.S. inflation data that will shape the Fed's policy direction, although the prospect of higher energy costs pushed it to a one-month high against the yen. "Though you could argue it the other way given the euro zone recession risk if energy stays higher," she added. The impact of higher energy costs were also a factor in the softer yen, as resource-poor Japan is a major oil importer. A break above 145 would open the way potentially to 148 "if we get the U.S. dollar flexing again after the CPI," he said.

Persons: Florence Lo, it's, Jane Foley, We've, Foley, that's, Tony Sycamore, Kevin Buckland, Brigid Riley, Alun John, Kim Coghill, Sharon Singleton, Susan Fenton Organizations: REUTERS, U.S, CPI, Federal Reserve, Rabobank, U.S . Treasury, ECB, IG, People's Bank of China, New, Swiss, Thomson Locations: U.S, Japan, New Zealand, Tokyo, London

☆ GAM shareholder group demands date change for extraordinary general meeting
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Aug 8 (Reuters) - Investors in Swiss asset manager GAM Holding (GAMH.S) have asked for the company's extraordinary general meeting - which could remove its chairman and board - to be delayed. The investor group, which controls roughly 9.6% of GAM shares, wants the EGM to be delayed until August 31, so shareholders can vote knowing the outcome of Liontrust's offer. The deadline for Liontrust's offer has been extended three times from the original date of July 25. The offer has been recommended by GAM's board, which triggered calls by some shareholders to remove chairman David Jacob and his board at an EGM. Some investors have opposed the all-share offer, saying in July that it "grossly undervalues GAM" and want to turn GAM around rather than selling.

Persons: Xavier Niel, Liontrust, David Jacob, John Revill, Miranda Murray Organizations: GAM, Thomson Locations: ZURICH, Swiss

Sterling initially dropped, reflecting disappointment after traders had priced in a 30% chance of another 50 bp hike. Longer-term gilt yields, more responsive to investors' perceptions about the economic growth trajectory, rose by the most in a month. Governor of the Bank of England Andrew Bailey attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Two-year gilt yields have risen by more than 120 basis points this year, more than double the increase of their U.S. equivalent. On Thursday, two-year gilt yields were down 5 bps in late trade, while those on 30-year debt rose 10 bps, the most in a month, to 4.66%.

Persons: BoE, Andy Burgess, Andrew Bailey, Sterling, we've, Bank of England Andrew Bailey, Alastair Grant, Jeremy Hunt, Carl Shepherd, they'll, juicier, Peter Goves, Kirsten Donovan Organizations: Bank, Bank of England, Monetary, REUTERS, Conservative, Newton Investment Management, Swiss, MFS Investment Management, Reuters Graphics, Thomson Locations: AMSTERDAM, LGIM, London, Britain, U.S

☆ Niger: Africa's latest coup is a headache for the West and an opportunity for Russia
▼ + stars: | 2023-08-03 | by ( Stephanie Busari | ) edition.cnn.com time to read: +11 min

An important Western allyThe coup in Niger has deprived Western nations, particularly France and the United States, of a key ally in a troubled region. The largest country in West Africa, Niger had been touted as a democratic success story on the continent and Bazoum was seen as a crucial partner in the fight against Islamist jihadists in the region. Carley Petesch/AP/FileThe French military also maintains two permanent bases in the Sahel region, one of which is in Niamey. “The former colonizers are trying to keep the people of African countries in check. Russian President Vladimir Putin, right, and President of the Republic of South Africa Cyril Matamela Ramaphosa shake hands on the sideline of the Russia Africa Summit.

Persons: Mohamed Bazoum, Putin, France ”, Emmanuel Macron, “, Bazoum, Joe Biden, Washington “, Stringer, Wagner, Yevgeny Prigozhin, jihadists, Carley Petesch, ” Maman Sani, Oluwole Ojewale, …, ” Ojewale, ” Françafrique, Remi Adekoya, ” Adekoya, ” Wagner, Prigozhin, ” Prigozhin, Vladimir Putin, Republic of South Africa Cyril Matamela Ramaphosa, Mikhail Metzel, Ibrahim Traore, ”, ” Traore, Ojewale Organizations: CNN, West, Kremlin, ISIS, Africa Center, Strategic Studies, European Union, World Nuclear Association ., Institute for Security Studies, Central African, CFA, Banque de France, UK’s York University, Russia Africa Summit, ISS Locations: Niger, Niamey, France, Paris, United States, Western, Africa, Russia, Moscow, Russian, Mali, West Africa, Nigerien, al Qaeda, US, Agadez, Sahel, Burkina Faso, West, Central Africa, China, Ukraine, Sudan, Central African Republic, Mozambique, Libya, St . Petersburg, Somalia, Uganda, Zimbabwe, Republic of South Africa

☆ Asia markets poised to fall as Fitch lowers U.S. credit ratings
▼ + stars: | 2023-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Shoppers at the shopping street in Hongdae district in Seoul, South Korea, on Saturday, July 2, 2022. Asia-Pacific markets are set to largely fall Wednesday after ratings agency Fitch cut the U.S. credit rating from AAA to AA+, citing "expected fiscal deterioration over the next three years." Futures for Australia's S&P/ASX 200 point to a lower open, standing at 7,360 compared to its last close of 7,450. Japan's Nikkei 225 is also set to fall, with the futures contract in Chicago at 33,145 and its counterpart in Osaka at 33,190 against the index's last close of 33,476.58. Hong Kong's Hang Seng index futures stood at 19,892, pointing to a weaker open compared to compared to the HSI's close of 20,011.12.

Persons: Fitch, Tony Sycamore Organizations: AAA, AA, Swiss, New, Australia's, Nikkei Locations: Hongdae, Seoul, South Korea, Asia, Pacific, treasuries, New Zealand, Korea, Chicago, Osaka

☆ US Treasury yields edge lower after Fitch downgrade
▼ + stars: | 2023-08-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationTOKYO, Aug 2 (Reuters) - U.S. Treasury yields edged down in Tokyo on Wednesday after ratings agency Fitch lowered the country's top credit rating. The 10-year Treasury note declined about 3.2 basis points (bps) to 4.015% as of 0017 GMT, retracing part of its 9 bps rise from Tuesday. Fitch overnight downgraded the U.S. government's rating to AA+ from AAA, citing an expected fiscal deterioration over the next three years as well as a high and growing general government debt burden. It had placed the rating on watch for a possible cut in May. "This will likely spark risk aversion flows as Asian markets re-open," Tony Sycamore, a markets analyst at IG, wrote in a note to clients.

Persons: Dado Ruvic, Fitch, Tony Sycamore, Joe Biden, Kevin Buckland, Jacqueline Wong Organizations: REUTERS, Treasury, AAA, IG, Swiss, Democratic, Republican, Standard, AA, Thomson Locations: Tokyo

☆ Swiss National Bank posts $15 billion loss during second quarter
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 31 (Reuters) - The Swiss National Bank (SNBN.S) on Monday posted a second quarter loss of 13.20 billion Swiss francs ($15.14 billion) as interest rate hikes by other central banks dented the value of its massive bond holdings. The SNB lost 8.08 billion francs on its foreign currency positions of 742 billion francs as bond prices fell as investors feared more interest rate hikes by the U.S. Federal Reserve, European Central Bank and others. The Swiss central bank also lost 3.14 billion francs on its gold holdings in the three months to the end of June, as lower prices cut the value of the 1,040 tonnes of the precious metal it holds. The second quarter loss contrasts with a 26.9 billion franc profit in the first three months of 2023, reducing the SNB's half year profit to 13.7 billion francs. The SNB also made a 1.88 billion franc loss from its Swiss franc positions during the second quarter, largely reflecting the resumption of interest payments on sight deposits as part of its more restrictive monetary policy.

Persons: John Revill, Rachel More, Kirsten Donovan Organizations: Swiss National Bank, U.S . Federal Reserve, European Central Bank, Credit Suisse, UBS, Swiss, Thomson Locations: ZURICH, Swiss

☆ Why is the US dollar losing its shine?
▼ + stars: | 2023-07-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The US dollar’s decline has gained speed this month as investors pare back their interest rate expectations. Last week, that helped lead the US Dollar Index, which tracks the dollar versus the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, to its lowest level in more than a year. The dollar’s decline could offer some support to tech earnings, further boosting those stocks and in turn the broader rally. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar. The Dow slips to snap 13-day rallyThe Dow Jones Industrial Average index fell Thursday, cutting short a historic 13-day streak of gains.

Persons: pare, ”, Kathy Jones, Charles Schwab, Jones, Seema Shah, “ It’s, Shah, Gold, Dow, Read, Barbie ”, “ Oppenheimer, Matt Egan, “ Barbie, “ Oppenheimer ” Organizations: CNN Business, Bell, CNN, Federal, Swiss, Canadian, Fed, Microsoft, Apple, Asset Management, Japan, European Central Bank, Dow Jones, Nasdaq, Bank of America, Warner Bros Locations: Swedish

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

☆ Yen pressured as traders wait on policy decisions
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +2 min

A bundle of Japanese 10,000 yen banknotes on a tray arranged at a branch of Resona Bank Ltd. in Tokyo, Japan. The Federal Reserve concludes a meeting on Wednesday, followed by the European Central Bank a day later and the Bank of Japan on Friday. It is under pressure as the central bank believes it is finished hiking rates and export prices have dragged as China's post-pandemic recovery has disappointed. "As long as dairy prices remain under pressure, the New Zealand dollar is unlikely to thrive," said ANZ analysts. On the data front, traders will be watching out for Purchasing Manager's Index figures due across the globe through the trading day on Monday.

Persons: Bob Savage Organizations: Resona Bank, Bank of Japan, European Central Bank, Reuters, Swiss, U.S, BNY Mellon, ECB, New Zealand, ANZ Locations: Tokyo, Japan, Europe, United States

The European common currency fell 0.4% to $1.1083 , skidding after a quiet Asian session on PMI data that showed euro zone business activity shrank much more than expected in July. The pound dropped after British activity data, but less dramatically and was last down 0.1% at $1.2839. The yen strengthened with the dollar down 0.47% at 141.2 yen , and the euro down 0.7% at 156.6 yen. The Swiss franc was steady at 0.8648 per dollar, and the dollar index was up 0.1% at 101.2. Reporting by Tom Westbrook; Editing by David Holmes and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Harvey, Bob Savage, Tom Westbrook, David Holmes, Jacqueline Wong Organizations: SYDNEY, PMI, Reserve, European Central Bank, Bank of Japan, Investors, ECB, Fed, U.S, BNY Mellon, The Bank of Japan, Reuters, Commonwealth Bank of Australia, Swiss, Thomson Locations: LONDON, Europe, United States, Ukraine

☆ UBS investors warm to Credit Suisse deal
▼ + stars: | 2023-07-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +6 min

Several fund managers who hold UBS stock have told Reuters they think UBS has bought Credit Suisse at a good price, with some even describing it as a steal. "UBS got Credit Suisse for practically nothing, so accordingly the deal will work out for them," another investor told Reuters. Still, UBS inherits a troubled legacy at Credit Suisse, said Thomae, pointing to legal risks which UBS has said could cost billions of dollars. Rivals have poached entire teams from Credit Suisse, he said, and some clients are likely to follow them. Deka's Thomae said UBS and Credit Suisse together would have a market share in Switzerland that is just within acceptable limits.

Persons: Colm Kelleher, Guy de Blonay, Andreas Thomae, Thomae, de Blonay, De Blonay, JP Morgan, Kian Abouhossein, Julius Baer, Deka's Thomae, Oliver Hirt, John Revill, David Holmes Organizations: Credit Suisse, UBS, Switzerland's, Reuters, Jupiter Asset Management, CS, Swiss, UBS AG, Credit Suisse AG, STATE, Deka Investment, Fund, Rivals, Suisse, JP, Suisse's, Investors, Credit, Thomson Locations: ZURICH, Suisse's Swiss, Switzerland

☆ Welcome to the Dollar War: a Global Fight Over America's Economic Dominance
▼ + stars: | 2023-07-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +17 min

The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year. Becoming the issuer of the global reserve currency is about trust. The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy. Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor. Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?

Persons: Chenzi Xu, there's, Xu, —, Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen Organizations: Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan Locations: Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing

LONDON, July 14 (Reuters) - An accelerating dollar slide could be a U.S. gift to its allies by helping them catch up with its impressive disinflation. A dollar slide of this size and speed has typically elicited yelps of pain from U.S. trading partners. Euro zone headline inflation - which peaked about one percentage point above and three months later than the U.S. equivalent last year - was still 2.5 points above it last month. The ECB will likely stay shy of peak Fed rates, but an expected move to 4.0% policy rates by year-end will involve two quarter point hikes after the Fed has stopped. A time-limited dollar drop now may be more benign than a simple reversion to a new 'currency war'.

Persons: Goldman Sachs, Mike Dolan, Josie Kao Organizations: Reserve, Monetary, Sterling, Bank of England, European Central Bank, ECB, Fed, Transatlantic, Reuters, Twitter, Thomson Locations: U.S, Europe, Britain, Swiss

☆ Dollar deepens dive on inflation surprise
▼ + stars: | 2023-07-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The euro made a fresh 15-month high of $1.1148 in Asia on Thursday and the yen touched its strongest since mid-May at 138.08 per dollar. U.S. core inflation came in at 0.2% in June against market expectations for 0.3%. Moves in other currencies were smaller but still delivered new milestones as traders reckon the dollar has further to drop. The Swiss franc hit its strongest since 2015 at 0.8655 to the dollar and sterling a 15-month top of $1.3019. Amongst the dollar selling, one outlier was perhaps the yen which has led gains.

Persons: Imre Speizer, Malaysia's, Pita Limjaroenrat, Steve Englander, Kazuo, Ueda, Chang Wei Liang, Tom Westbrook, Jamie Freed, Kim Coghill Organizations: month's, U.S, Westpac, New Zealand, Swiss, Standard Chartered, Bank of Japan, Fed, Central Bank, Thomson Locations: SINGAPORE, Asia, Scandinavia

☆ Dollar takes a beating as traders see U.S. rates peaking
▼ + stars: | 2023-07-13 | by ( ) www.cnbc.com time to read: +3 min

The dollar had its worst session in five months overnight, falling more than 1% against the euro to its lowest in more than a year and notching even larger losses elsewhere. U.S. core inflation came in at 0.2% in June against market expectations for 0.3%. Two-year Treasury yields, which track rate expectations, dropped more than 15 basis points overnight to 4.73%. Sterling sat at $1.2994, just below its overnight high of $1.3001. Chinese trade data is due later on Thursday, along with minutes from last month's European Central Bank meeting, European industrial production data and British monthly GDP.

Persons: Steve Englander, Sterling Organizations: month's, U.S, New Zealand, Sterling, Swiss, Standard Chartered, Swedish, Bank of Japan, Central Bank Locations: Asia, Scandinavia

☆ Dollar takes a beating as traders see US rates peaking
▼ + stars: | 2023-07-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The dollar had its worst session in five months overnight, falling more than 1% against the euro to its lowest in more than a year and notching even larger losses elsewhere. The New Zealand dollar reached a two-month high of $0.6309 and the Aussie a three-week peak of $0.6796. The moves were small, yet showed traders' faith the dollar has further to fall. Sterling sat at $1.2994, just below its overnight high of $1.3001. The Swiss franc , which hit its highest since 2015 overnight, traded just below that level at 0.8661 francs to the dollar.

Persons: Steve Englander, Sterling, Tom Westbrook, Jamie Freed Organizations: month's, U.S, New Zealand, Sterling, Swiss, Standard Chartered, Swedish, Bank of Japan, Central Bank, Thomson Locations: SINGAPORE, Asia, Scandinavia

Data suggests recession risks remain high, but wages and U.S. and European interest rates are also still rising - so stick or twist? Here are five big calls investors are now making. Principal Global Investors chief global strategist Seema Shah said she maintained her view that government bonds would do well with recession still likely by year-end. Reuters Graphics4/ FRAGILE CHINASpluttering data, property market woes and meek economic stimulus have also busted new year bets of a Chinese mini-boom. Principal Global Investors' Shah said she still expected commodities to continue to struggle "because a combination of U.S. slowdown plus China slowdown should mean weak demand."

Persons: Bonds, Francesco Sandrini, Seema Shah, JP Morgan, Trevor Greetham, Florian Ielpo, Athanasios Vamvakidis, Morgan Stanley, Shah, Naomi Rovnick, Marc Jones, Alun John, Dhara Ranasinghe, Mark Potter Organizations: Treasury, Investors, Reuters, Global Investors, Royal London Asset Management, Lombard, Swiss, Bank of America, Fed, FX, JPMorgan, Thomson Locations: bitcoin, Europe's, British, tatters, Japan, CHINA

☆ Morning Bid: Markets bet July 2023 is 'peak Fed'
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanSurprise news of a 2%-plus print on U.S. headline inflation rate for June has world markets betting the peak of the Federal Reserve's interest rate campaign will now be this month. Either way, the latest inflation cheer means U.S. rate futures have wiped out bets of another Fed rate hike after a final quarter-point move to 5.25-5.50% at July 26's meeting. Although they see peak rates held there to year-end, futures now price as much as a full percentage point of cuts by this time in 2024. The VIX "fear index" (.VIX) fell back below 14 to its lowest of the month so far. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, That's, Christopher Waller, Mary Daly, Joe Biden, Christine Lagarde, Toby Chopra Organizations: Fed, Nasdaq, PepsiCo, Delta Airlines, Bank of, Swiss, Bank of Canada, Federal Reserve, San Francisco Fed, Nordic, European Central Bank, . Treasury, Reuters, Thomson Locations: U.S, Beijing, Jackson, Fastenal, Helsinki, Brussels, Japan

☆ US dollar stumbles, drops to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. Data showed core U.S. consumer prices rose just 0.2% in June, compared with forecasts for a gain of 0.3%. The monthly rise in core prices was the smallest since August 2021. Against the yen, the dollar dropped to a six-week low of 138.17 yen .

Persons: Lee Jae, Simon Harvey, Jordan Rochester, Sterling, Gertrude Chavez, Dreyfuss, Ann Saphir, Chris Reese, Andrea Ricci Organizations: REUTERS, Swiss, Swiss National Bank, Nomura, Bank of England, Thomson Locations: Seoul, Swiss, U.S, London, Norwegian, Swedish, United States

☆ US dollar plunges to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. "The Fed may have talked itself into a corner with a July 26th rate hike. Against the yen, the dollar dropped to a six-week low of 138.17 yen . The pound is being driven by expectations for the Bank of England to deliver more rate rises to tame UK inflation, which is the highest of any major economy.

Persons: Lee Jae, Simon Harvey, Brian Jacobsen, Sterling, Gertrude Chavez, Dreyfuss, Chuck Mikolajczak, Ann Saphir, Chris Reese Organizations: REUTERS, Swiss, Swiss National Bank, Core, CPI, Annex Wealth Management, Bank of England, Thomson Locations: Seoul, Swiss, Core U.S, U.S, London, Norwegian, Swedish, Menomonee Falls , Wisconsin, New York, San Francisco

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