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Employees work at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Jan. 4, 2024. Japan's stock markets were set to bounce Friday, while most markets in the Asia-Pacific region stay shut for a public holiday. Japan's Nikkei 225 is set to rebound, with the futures contract in Chicago at 40,440 and its counterpart in Osaka at 40,390 against the index's last close of 40,168.07. The Japanese yen will be closely watched during the session amid speculation of a possible intervention after the currency recently hit 34-year lows against the U.S. dollar at 151.97. It last traded near 151.42 against the greenback.
Organizations: Tokyo Stock Exchange, Japan Exchange Group Inc, Nikkei, U.S, greenback Locations: Tokyo, Japan, Asia, Pacific, Chicago, Osaka
Dollar firm after Fed comments; yen under close watch
  + stars: | 2024-03-28 | by ( ) www.cnbc.com   time to read: +3 min
"There is no rush to cut the policy rate" right now, Waller said in a speech prepared for delivery before an Economic Club of New York gathering. The dollar index , a measure of the greenback against major peer currencies, ticked up in the wake of Waller's comments and last held mostly unchanged at 104.41. Traders await key U.S. core inflation figures due on Friday, following a bigger-than-expected jump in U.S. durable goods orders on Tuesday that has already boosted the dollar against the yen. The greenback reached 151.975 yen on Wednesday, its strongest against the yen since mid-1990. Japan intervened in the currency market three times in 2022, selling the dollar to buy yen, first in September and again in October as the yen slid towards a 32-year low of 152 to the dollar.
Persons: Christopher Waller, Waller, It's, Kyle Rodda, Rodda, Masato Kanda, Shunichi Suzuki, That's, Ray Attrill, Sterling, bitcoin Organizations: U.S, Federal Reserve, Federal, Economic, of New, Traders, Finance, National Australia Bank, Bank of Japan's Locations: of New York, Japan
The stock market "shows every sign of being just as crazy" as it's ever been, the GMO cofounder and long-term investment strategist told the Insightful Investor podcast in a recent conversation. AdvertisementThe veteran investor underscored that prolonged bull markets typically begin when unemployment is high, profit margins are depressed, and stock valuations are beaten down. Current conditions are the polar opposite of that, putting stocks in "double jeopardy" as both profits and valuations may plunge, Grantham said. Related storiesThe stock market has staged big rallies during boom times a couple of times before, including in 1929 and 1999, but those "ended incredibly badly," he said. Grantham also tackled the topic of de-dollarization and whether the dollar might lose its status as the world's reserve currency.
Persons: , Jeremy Grantham, Grantham Organizations: Service, Business, Kodak, Polaroid, greenback
Dollar dips, yen draws support from Tokyo's jawboning
  + stars: | 2024-03-26 | by ( ) www.cnbc.com   time to read: +3 min
The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. "But it's even tougher for the (dollar) to weaken when other central banks were sounding more dovish than a dovish Fed." The dollar index was last 0.02% lower at 104.20, while the euro rose 0.03% to $1.0840. "While they say that the fundamentals don't justify the price, the market's telling them something else," said IG's Sycamore.
Persons: he's, Tony Sycamore, Thierry Wizman, Shunichi Suzuki Organizations: New Zealand, Federal, IG, FX, Macquarie, Fed, Japanese Finance, Bank of Japan's Locations: U.S, Japan, United States, Sycamore
The dollar was on the front foot on Monday and kept the yen pinned near a multi-decade low, though the threat of currency intervention from Japanese authorities prevented the greenback from heading further north. "Japanese officials' verbal intervention is making 152 a very strong near-term resistance for dollar/yen," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "Markets are fully aware of a potential actual FX intervention from authorities, so I think that's keeping dollar/yen from moving substantially higher. "I think there is still a high risk that they will come in to prop up the yen if dollar/yen were to surge materially perhaps to 155. The yuan has been pressured by growing market expectations of further monetary easing to prop up the world's second-largest economy.
Persons: Carol Kong, That's, BoE, Andrew Bailey, Chris Weston Organizations: Bank of Japan's, Commonwealth Bank of Australia, Federal Reserve, European Central Bank, Bank of England, Swiss National Bank, Sterling, Financial Times, ECB, New Zealand Locations: Japan, United States
Oil prices edged down early on Tuesday after gaining in the previous trading session, due in part to the prospect of rising supply from Russia as well as the possibility of slower-than-expected downstream demand in sectors such as jet fuel. The Brent crude oil futures contract for May delivery slipped 16 cents to $86.73 a barrel as at 0300 GMT, whereas that for U.S. West Texas Intermediate (WTI) fell 13 cents to $82.03. Regarding Russia, supply concern stemming from increased exports following Ukrainian attacks on the country's oil infrastructure continued to pressure prices downward. Global jet fuel prices are likely to be "higher by 5.4% over our previous forecast to USD111/bbl as soft demand is expected to give way to peak summer travel and stronger prices", BMI analysts wrote in a client note. "However, a global economic slowdown will temper consumption of air travel and weigh on jet fuel prices limiting price upside," they added.
Persons: JP Morgan Organizations: Brent, U.S . West Texas, U.S ., Global, bbl, BMI Locations: Russia, Saudi Arabia, Iraq, China
Yen holds nerve as BOJ decision looms; dollar resurgent
  + stars: | 2024-03-19 | by ( ) www.cnbc.com   time to read: +4 min
The yen was last little changed at 149.14 per dollar, while the Australian dollar fell 0.06% $0.6556. Against the euro, the yen steadied at 162.18, with the Japanese currency likewise little changed against the Aussie at 97.78. So BOJ's decisions generally are, as far as the yen is concerned, a matter of secondary importance," said Berry. "Holding policy rates steady and policy guidance broadly unchanged seems like a reasonably straightforward decision in the presence of high uncertainty," said Carl Ang, fixed income research analyst at MFS Investment Management. The New Zealand dollar was similarly pinned near Monday's two-week low and last bought $0.6079.
Persons: Gareth Berry, It's, they're, it's, Berry, Carl Ang, Sterling, , Goldman Sachs, David Mericle Organizations: Bank of Japan, U.S, Reserve Bank of Australia, Aussie, Nikkei, Macquarie, Federal Reserve, MFS Investment Management, U.S ., New Zealand Locations: Bath, England, Asia, Japan, United States, Down, Australia, Monday's
Nearly one-third of U.S. expats have plans to renounce their American citizenship or are "seriously considering it," according to a new survey from Greenback Expat Tax Services. Over the past year, there was a "big jump" in that number, noted Mike Wallace, CEO at Greenback Expat Tax Services. The latest figure is based on a poll of roughly 1,000 American expats in February. About 1 in 5 haven't felt comfortable filing taxes abroad, according to the survey. American expats must pay U.S. income taxes on worldwide earnings, which include wages, business profits, investment income and more.
Persons: Mike Wallace, Biden, haven't, expats Organizations: U.S, Expat Tax, Tax, Finance, Federal Locations: American
Dollar steady, yen soft as BOJ policy shift beckons
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: +3 min
In this photo illustration, a person is seen holding 100, 50, and 5 U.S. dollar bills in his hand. Tom Kenny, senior international economist at ANZ, said an end to negative interest rate policy is likely to reflect a 10-basis-point hike taking the current policy rate from -0.1% to 0.0%. "We expect this to be a dovish hike with the BOJ unlikely to signal its intention to hike again soon." The focus has shifted to whether the policymakers will make any changes to their projections of rate cuts, or dot plots for this year. The Fed in December projected 75 basis points, or three rate cuts, of easing in 2024.
Persons: Kazuo Ueda, Tom Kenny, Powell, bitcoin Organizations: U.S, Bank of Japan, Federal Reserve, ANZ, Beyond, Reuters, New Zealand, Bank of England, Fed, NatWest Locations: Japan, United States, England, Australia, Norway, Switzerland, Mexico, Brazil, Indonesia, Asia, Beyond Japan, Australia's, U.S, cryptocurrencies
Currency market subdued ahead of fresh U.S. economic data
  + stars: | 2024-03-14 | by ( ) www.cnbc.com   time to read: +3 min
The currency market was sedate on Thursday, with the U.S. dollar consolidating against major peers as market players awaited more data out of the world's largest economy for clues on the direction of Federal Reserve policy. With the Fed widely expected to hold rates steady at its meeting next week, attention will be on the bank's updated economic projections. The dollar index , which measures the greenback against a basket of six currencies, was mostly flat at 102.77. Sources told Reuters that Japan's central bank will debate ending negative rates next week if big firms' wage talks yield strong results. Elsewhere, the euro was holding steady against the dollar at $1.0949, ahead of remarks by several European Central Bank officials on Thursday.
Persons: Kyle Rodda, Jerome Powell, Sterling, bitcoin Organizations: U.S, Federal Reserve, Fed, U.S ., PPI, Bank, Reuters, European Central Bank Locations: Buenos Aires, Argentina, U.S
Dollar steadies as traders weigh hotter-than-expected inflation
  + stars: | 2024-03-13 | by ( ) www.cnbc.com   time to read: +3 min
The U.S. dollar held steady against a handful of rival currencies on Wednesday, as traders weighed what impact hotter-than-expected inflation data could have on chances of an interest rate cut at the Federal Reserve's June meeting. The U.S. dollar held steady against a handful of rival currencies on Wednesday, as traders weighed what impact hotter-than-expected inflation data could have on chances of an interest rate cut at the Federal Reserve's June meeting. The U.S. consumer price index, or CPI, increased solidly in February, beating forecasts and suggesting some stickiness in inflation. That has left analysts wondering whether the Fed will have sufficient data to justify more than a couple of rate cuts all year. The dollar index , which measures the greenback against a basket of peer currencies, was little changed at 102.91.
Persons: Powell, Matt Simpson, Kazuo Ueda's, bitcoin Organizations: U.S, Federal, Fund, U.S ., CPI, Bank of Japan, Traders, European Central Bank Locations: U.S
TOKYO (AP) — Asian shares mostly rose Wednesday, encouraged by a record rally on Wall Street that was led by technology companies. Speculation is rife that Japan's central bank is getting ready to end its super-easy monetary policy, which has set interest rates below zero, and start raising rates. Photos You Should See View All 60 ImagesOn Wall Street, the S&P 500 jumped 1.1% to top its all-time high set last week. The worse-than-expected data kept the door closed for long-sought cuts to interest rates at the Federal Reserve meeting next week. On Wall Street, big technology stocks did heavy lifting.
Persons: Australia's, Korea's Kospi, , Tim Waterer, Brian Jacobsen, Chris Larkin, Morgan Stanley, ” Larkin, , Dow, Brent Organizations: TOKYO, Nikkei, Bank of, KCM, U.S, Dow Jones, Nasdaq, Federal Reserve, Annex Wealth Management, Fed, Treasury, Oracle, Nvidia Locations: Hong, Shanghai, Wall
Dollar on guard; BOJ speculation keeps yen supported
  + stars: | 2024-03-12 | by ( ) www.cnbc.com   time to read: +4 min
Against the dollar, the euro retreated from a roughly two-month high hit last week and last bought $1.0931. The Australian dollar rose 0.01% to $0.6615, while the New Zealand dollar edged 0.02% lower to $0.61685. The dollar index was little changed at 102.80, having hit a roughly two-month low of 102.33 last week. Over in Asia, swirling speculation that the BOJ could move away from its ultra-easy policy settings at its policy meeting next week kept the yen supported. Against the dollar, the yen steadied at 146.94, not far from Friday's one-month top of 146.48.
Persons: bitcoin, Ray Attrill, Jerome Powell, We're, NAB's, there'll, Shunichi Suzuki Organizations: Bank of Japan, Sterling, greenback, Federal Reserve, National Australia Bank, NAB, New Zealand, country's Finance Locations: Asia, Japan
Yen gains as bets firm for imminent rate hike; sterling slides
  + stars: | 2024-03-11 | by ( ) www.cnbc.com   time to read: +3 min
In this photo illustration, the man is holding several U.S. dollar bills with some Chinese yuan in the background. Sterling pulled back sharply from a multi-month high, following its best week since November of 2022, amid bets the Bank of England will be slower to cut rates than the Fed or European Central Bank. The greenback eased 0.17% to 146.82 yen , heading back toward the five-week low of 146.48 reached on Friday. The next Fed meeting runs March 19-20. The ECB left rates at record highs last Thursday while cautiously laying the ground to lower them later this year.
Persons: Sterling, Jerome Powell's, bitcoin Organizations: Bank of Japan, Federal Reserve, Bank of England, European Central Bank, Westpac, Fed, ECB
Against the yen , the dollar bottomed at a roughly one-month trough of 148.94 in early Asian trade on Thursday. The euro and sterling held near one-month highs struck in the previous session and last bought $1.0902 and $1.2738 respectively. Market bets for imminent cuts also kept U.S. Treasury yields under pressure, with the two-year yield which typically reflects near-term rate expectations — last at 4.5640%. All of that left the greenback pinned near a one-month low against a basket of currencies. The New Zealand dollar rose 0.05% to $0.6133, while the Australian dollar edged 0.11% higher to $0.6572.
Persons: bitcoin, Jerome Powell, Carol Kong, Powell, Simon Harvey Organizations: U.S, Federal, Treasury, Commonwealth Bank of Australia, Fed, Canadian, Bank of Canada, BoC, Wednesday, New Zealand
Dollar steady ahead of Powell testimony, bitcoin takes breather
  + stars: | 2024-03-06 | by ( ) www.cnbc.com   time to read: +3 min
The U.S. dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank's, or ECB, rate decision and U.S. jobs data later this week. In cryptocurrencies, bitcoin was slightly up but stayed below a record high reached in a volatile overnight session. Powell is expected to reinforce that the Fed will wait for more data before making any rate cuts. Elsewhere, the ECB is widely expected to leave interest rates at a record 4% at its policy meeting on Thursday. Markets are also keeping a close eye on the world's largest cryptocurrency, bitcoin , after it surged to a record high overnight before retreating sharply.
Persons: Jerome Powell, bitcoin, Powell's, Powell, Carol Kong, Sterling Organizations: U.S, Federal, European Central Bank, Institute for Supply Management, Traders, Commonwealth Bank of Australia, ECB Locations: U.S
Stocks may crash 30% and a recession could hit within months, Gary Shilling said. Shilling predicted the housing market would rebound in time, and dismissed de-dollarization fears. AdvertisementA legendary market prophet has warned that overpriced stocks may come crashing down, and a recession might strike within months. "Stocks are very, very expensive now" relative to both corporate earnings and rival assets like Treasury bonds, Gary Shilling recently told the Retirement Lifestyle Advocates radio show. The president of A. Gary Shilling & Co. is known for making several prescient market calls over the past four decades.
Persons: Gary Shilling, Shilling, , Merrill Lynch's, bitcoin, It's, there's Organizations: Service, Polaroid, Federal Reserve, Fed, Companies, Homes, greenback
Turkish annual inflation soars to 67% in February
  + stars: | 2024-03-04 | by ( Natasha Turak | ) www.cnbc.com   time to read: +3 min
Turkish annual consumer price inflation soared to 67.07% in February, the Turkish Statistical Institute said Monday, coming in above expectations. Analysts polled by Reuters had anticipated annual inflation would climb to 65.7% last month. The combined sector of hotels, cafes and restaurants saw the greatest annual price inflation increase at 94.78%, followed by education at 91.84%, while the rate for health stood at 81.25% and transportation at 77.98%, according to the statistical institute. "Obviously a disappointing set of inflation prints this morning," Timothy Ash, emerging markets strategist at BlueBay Asset Management, wrote in a note. He added that this development has "continued to put downward pressure on the lira," creating an inflation pass-through.
Persons: Liam Peach, Mehmet Simsek, Turkey's, Timothy Ash, Ash Organizations: Turkish Statistical Institute, Reuters, Food, Economics, Capital Economics, Turkish, BlueBay Asset Management, FX Locations: Sariyer, Istanbul, Turkish, London
Two flight attendants warned against the hack. AdvertisementWhile some commenters and TikTokers love the approach, two flight attendants told Business Insider it's a terrible idea. Jupiterimages/Getty ImagesBoth flight attendants said it could pose a safety risk"Absolutely not," CiCi, a flight attendant at a major airline, told BI. Lea told BI that emergency landings were the first thing that came to her mind when she saw the video. AdvertisementThankfully, both flight attendants said they had not seen passengers using the method on recent flights.
Persons: , CiCi, Michael Wallace, Thrillist, Lea, @flightattendantbaelee, it's Organizations: Service, Tax, American Airlines
Dollar firms ahead of busy data week with U.S. inflation in focus
  + stars: | 2024-02-26 | by ( ) www.cnbc.com   time to read: +4 min
The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking center stage. The dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking center stage. The kiwi had risen 1.2% last week, helped by broad dollar weakness and the risk of a rate hike from the RBNZ on Wednesday. "If anything, the (data) may be stronger than markets currently expect, and that will likely give a modest boost to the dollar," said CBA's Kong. "But at the same time, any gains in the dollar will likely be pretty modest.
Persons: Carol Kong, Sterling, Jane Foley, CBA's Organizations: Reserve Bank of New, New Zealand, Commonwealth Bank of Australia, of Japan's, U.S, Rabobank, U.S . Commodity Futures, Fed Locations: Japan, Australia, Reserve Bank of New Zealand, China, Asia, U.S
Yen sinks as currency traders keep short and carry on
  + stars: | 2024-02-23 | by ( ) www.cnbc.com   time to read: +3 min
The yen is the worst-performing G10 currency this year, with a 6.4% slide on the dollar. For the week the yen is down 0.6% on the euro, touching its weakest for three months overnight at 163.45 per euro . Yen moves against the dollar were more modest due to the risk its slide could prompt intervention in markets from Japan, with officials reminding traders they stand ready in recent days. The dollar gained 0.1% to trade at 150.41 yen this week. Investors can earn interest, or carry, by borrowing yen around 0% and buying income-bearing assets in other currencies.
Persons: Moh Siong Sim, Sterling, Christine Lagarde, Christopher Waller Organizations: New, Deutsche, Britain, of Singapore, U.S, European Central Bank Locations: Japan, New Zealand, Friday's Asia, U.S, Europe
Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal. Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal. Spot gold was up 0.1% at $2,025.7 per ounce, as of 0411 GMT, and has gained 0.7% so far in the week. Tension mounted in the Middle East as Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones. Meanwhile, the dollar index was heading for its first weekly dip in nearly two months, making the greenback-priced bullion less expensive to overseas buyers.
Persons: Edward Meir, Houthis, Christopher Waller Organizations: Federal Reserve, CME Locations: Iran, Eilat
With annual inflation nearing 30% and a currency in freefall, Nigeria is facing one of its worst economic crises in years, provoking nationwide outrage and protests. The currency is down around 70% since May 2023 when Tinubu took office, inheriting a struggling economy and promising a raft of reforms aimed at steadying the ship. In a bid to fix the beleaguered economy and attract international investment, Tinubu unified Nigeria's multiple exchange rates and enabled market forces to set the exchange rate, sending the currency plunging. In January, the market regulator also changed how it calculates the currency's closing rate, resulting in another de facto devaluation. Years of foreign exchange controls have also generated enormous pent-up demand for U.S. dollars at a time when overseas investment and crude oil exports have declined.
Persons: Bola Tinubu, Tinubu Organizations: U.S, greenback Locations: IBADAN, Nigeria, Ibadan, freefall, Nigerian
Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Spot gold was up 0.3% at $2,019.99 per ounce, as of 0530 GMT, hitting its highest since Feb. 13. U.S. gold futures rose 0.4% to $2,031.50 per ounce. Spot platinum dipped 0.3% to $903.04, palladium rose 0.7% to $956.66, while silver fell 1.2% to $23.12 per ounce.
Persons: Yeap Jun Rong, Wang Tao, Jun Rong, Raphael Bostic Organizations: U.S ., Maritime Trade Operations, Market, Fed Bank of Atlanta, CME Locations: Mandab, Yemen, China
Brent Lewin | Bloomberg | Getty ImagesThe U.S. Federal Reserve is expected to cut interest rates later this year and, while that may not be good news for the dollar , some Asian currencies stand to benefit. Higher interest rates boost a country's currency, attracting foreign investment and increasing demand for the country's currency. A weak U.S. dollar is generally positive for emerging markets, which is often the case when the Fed cuts interest rates outside of an economic crisis. Experts told CNBC currencies such as the Chinese yuan , the Korean won and the Indian rupee stand to benefit from the Fed loosening monetary policy. So those are also positive for the Indian currency," said Anindya Banerjee, vice president of currency and derivatives research at Kotak Securities.
Persons: Mahatma Gandhi, Brent Lewin, Yuan, Arun Bharath, Bharath, Simon Harvey ​, , Anindya Banerjee, Banerjee, South Korea's, Monex's Harvey Organizations: Bloomberg, Getty, . Federal, CNBC, Korean, Bel Air Investment Advisors, People's Bank of, FX, U.S, Kotak Securities, Bank of, Korea's, South Locations: Bangkok, Thailand, China, People's Bank of China, U.S, Bank of India, India, Europe, America
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