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☆ UK banks see less lending in Q4, expect more defaults: BoE survey
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: 1 min

People walk outside the Bank of England in London, Britain, September 21, 2023. REUTERS/Peter Nicholls/File photo Acquire Licensing RightsLONDON, Oct 12 (Reuters) - British lenders expect to curb the availability of mortgages in the next three months, a Bank of England survey showed on Thursday. The BoE's quarterly Credit Conditions Survey also showed lenders thought defaults on secured loans and on credit cards and other loans would increase. Reporting by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, William Schomberg Organizations: Bank of England, REUTERS, Thomson Locations: London, Britain

☆ Morning Bid: Inflation test looms for Fed doves
▼ + stars: | 2023-10-12 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

For now, the consistent and - for equity investors - very welcome refrain from Fed officials that caution is warranted before further rate rises has drowned out any concerns about data. But just how quickly markets turned at the start of the week shows how quickly they could turn again. Despite the dovish trimmings, the core Fed message remains that rates will rise as far as they have to in order to rein in inflation. Fed regional bank heads Lorie Logan, Susan Collins and Raphael Bostic have the chance to air their views in remarks at separate events today. It's a big day for British data as well, with GDP and industrial production due first thing.

Persons: Kevin Buckland, Lorie Logan, Susan Collins, Raphael Bostic, Huw Pill, Andrew Bailey, BoE, Sam Holmes Organizations: Japan's Nikkei, Hong, Reuters, Bank of England, IMF, Bank, U.S . CPI, Thomson Locations: Asia, Washington, Marrakesh

Official data showed economic output expanded by 0.2% in August from July, matching the median forecast in a Reuters poll of economists. "The UK economy is holding up but remains in a precarious state," said David Bharier, head of research at the British Chambers of Commerce. The data showed Britain's huge services sector grew by a slightly stronger than expected 0.4% in August from July while manufacturing and construction shrank by 0.8% and 0.5%. Investors are putting a chance of less than one in four on the BoE resuming its rate hikes after its next scheduled meeting in November. Britain's economy stood 2.1% bigger than in February 2020, just before the coronavirus pandemic hit, the ONS said.

Persons: Matthew Childs, Sterling, Elizabeth's, BoE, David Bharier, William Schomberg, Andy Bruce, Kate Holton Organizations: REUTERS, Bank of England, Monetary Fund, Chambers of Commerce, European Union, ONS, Thomson Locations: London, Britain, Miral

☆ UK housing market challenging but rate pause offers hope -RICS
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The Royal Institution of Chartered Surveyors (RICS) house price balance, which measures the difference between the percentage of surveyors seeing rises and falls in house prices, edged down to -69 after August's sharp drop to -68. Echoing other gauges of British house prices, RICS' latest figure was the weakest since February 2009 and was below the median forecast of -63 in a Reuters poll of economists. Britain's housing market boomed during the coronavirus pandemic as demand for homes with more space surged, but it has been a victim of the BoE's run of 14 interest rate hikes, which began in December 2021. "Although the decision to pause monetary policy tightening a few weeks ago provided a glimmer of relief for the market, interest rates are likely now set to remain on hold for a prolonged period," Parsons said. The weak state of the housing market has hurt companies such as building materials supplier Travis Perkins (TPK.L), which on Wednesday downgraded its annual profit forecast by as much as 27%.

Persons: Henry Nicholls, RICS, Tarrant Parsons, Parsons, Travis Perkins, William Schomberg, Kylie MacLellan Organizations: REUTERS, Bank, Royal Institution, Chartered Surveyors, Thomson Locations: London, Britain

☆ Bank of England warns U.S. tech stock valuations may be out of whack
▼ + stars: | 2023-10-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Valuations for U.S technology stocks may be too high given the current macroeconomic backdrop and spike in rates, according to the Bank of England. "Given the impact of higher interest rates, and uncertainties associated with inflation and growth, some risky asset valuations appear to be stretched," the BoE's financial policy committee said Tuesday. "Stretched risky asset valuations increase the likelihood of a greater correction in prices if downside risks to growth materialise." To be sure, this isn't the first time that a central bank has warned of valuations over the years, but as a general rule, central bankers would rather not offer an opinion on any specific market price.

Persons: BoE, premia, Ben Bernanke, Lehman, Alan Greenspan, Greenspan's, — CNBC's Scott Schnipper Organizations: Bank of England, Microsoft, Nvidia, Lehman Brothers Locations: City, London, Britain, U.S

☆ Amazon UK to spend 170 mln stg on staff pay rises
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

People take part in a rally in support of Amazon workers' on strike, outside the Amazon warehouse, in Coventry, Britain, January 25, 2023. Pay rates will further increase to between 12.30 pounds and 13 pounds an hour from April next year. The increases mean Amazon’s minimum starting pay will have risen by 20% in two years, and 50% since 2018, it said. Amazon UK also said it has started recruiting for more than 15,000 seasonal roles across the UK for the festive period. Last week, supermarket groups Morrisons and Aldi said they were hiring 3,500 and 3,000 extra staff for the Christmas season.

Persons: Henry Nicholls, BoE, James Davey, Kate Holton Organizations: REUTERS, Bank of, Amazon, Aldi, Thomson Locations: Coventry, Britain, Bank of England

☆ UK consumers hunker down as fuel prices climb
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A person puts fuel in their car at a filling station, at an ASDA supermarket in Birkenhead, Britain, July 3, 2023. Britain's high inflation rate has slowed but at 6.7% in August it remains more than three times the Bank of England's 2% target. The BRC's like-for-like sales measure - which adjusts for changes in store space - slowed to show growth of 2.8% from 4.3% in August. Seventy percent of consumers surveyed by Barclays said they were finding ways to reduce costs, up slightly from August. Jack Meaning, chief UK economist at Barclays, said the warning signs of wariness among consumers was filtering through into their spending decisions.

Persons: Phil Noble, Helen Dickinson, electricals, Dickinson, BoE, Jack, William Schomberg, James Davey Organizations: REUTERS, Consumers, British Retail Consortium, Bank of England's, Barclays, Rugby, Thomson Locations: Birkenhead, Britain, August's

☆ Revolut strikes share deal with SoftBank to remove barrier to UK licence - FT
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Revolut and SoftBank had been locked in months of negotiations, with the Japanese investor demanding stiff compensation for giving up its priority class of shares, the report said. The fintech startup can only win a UK banking license if it gets rid of preference shares held by investors including SoftBank. The standoff was one of the reasons Revolut could not immediately get a banking license. The BOE and SoftBank did not immediately respond to Reuters' requests for comment on the report, while Revolut and the FCA declined to comment.

Persons: Issei Kato, Revolut, SoftBank, The BOE, Akanksha, Maju Samuel Organizations: SoftBank, REUTERS, Financial Times, Bank of England, Tiger Global Management, Balderton, Ribbit, Financial, Authority, The, Thomson Locations: Tokyo, Japan, TCV, Bengaluru

☆ UK factory activity slows sharply in September - PMI
▼ + stars: | 2023-10-02 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, Oct 2 (Reuters) - British manufacturing activity slowed sharply in September, though less steeply than the month before when it shrank at the fastest rate in more than three years, a survey showed on Monday. Output, new orders and employment were all cut back further, amid weaker intakes of new work from both domestic and overseas clients," S&P Global said. The most recent official data showed British manufacturing output fell 0.8% in July although volumes were 3.0% higher than a year earlier. S&P said 55% of manufacturers expected growth over the next 12 months, fewer than in August, while 9% expected a contraction. "Optimism was linked to a hoped-for market recovery, planned growth initiatives and a more stable inflationary environment," S&P said.

Persons: David Milliken, Hugh Lawson Organizations: P, P Global, Manufacturers, Bank of England, Thomson Locations: Europe, United States, China, Brazil

☆ Bank of England tells lenders to watch more closely for risky borrowers
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams Acquire Licensing Rights企業 Bank of England フォローLONDON, Sept 29 (Reuters) - The Bank of England wrote to lenders on Friday to urge them not to underestimate the risk of loan defaults as higher inflation and increased interest rates hit more vulnerable borrowers. However, in its letter to lenders, the BoE said they needed to look beyond aggregate risks and should identify whether particular types of borrower had specific vulnerabilities. Banks, for example, could look at spending patterns in their customers' current accounts and whether they had fixed-rate mortgages which would soon need to be refinanced at higher rates, the BoE suggested. It said for business lending, banks should not rely on a broad sector-based approach to risk and instead should in some cases consider specific companies' liquidity risks.

Persons: Hollie Adams, BoE, Victoria Saporta, Wilko, Banks, David Milliken, Kylie MacLellan 私 Organizations: Bank of England, City of, REUTERS, 企業 Bank of England, prudential, Wales Locations: City, City of London, Britain, England

☆ UK business confidence slips in September: Lloyds Bank
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

Companies Lloyds Banking Group PLC FollowLONDON, Sept 29 (Reuters) - British business confidence declined in September as optimism about the economic outlook faded, a survey showed on Friday, adding to signs of a slowdown in the economy. The Lloyds Bank Business Barometer, which surveys around 1,200 companies across the economy, fell to 36% from August's 18-month high of 41%. Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said the BoE's decision - taken after the survey was conducted - could underpin business confidence in the coming months. While Lloyds said its gauge of pricing expectations inched higher in September, hiring intentions cooled. The proportion of companies planning to raise salaries also fell, although remained around the average for the year.

Persons: Hann, Ju Ho, Andy Bruce Organizations: Lloyds Banking Group, Lloyds Bank, P Global PMI, Lloyds, Bank of England, Lloyds Bank Commercial Banking, National Statistics, Thomson

☆ UK home-buyer demand inches up as mortgage rates fall: Zoopla
▼ + stars: | 2023-09-27 | by ( David Milliken | ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 28 (Reuters) - More Britons made enquiries with estate agents about potential house purchases over the past four weeks as mortgage rates started to fall, breaking a downward trend which has been in place since April, property website Zoopla said on Thursday. "Better news on inflation and the end of base rate increases has provided scope for lenders to start reducing mortgage rates which has supported a modest uptick in demand for homes," Zoopla's executive director, Richard Donnell, said. Weekly mortgage data collated by property website Rightmove showed the average interest rate for a mortgage with a two-year fixed rate fell from an average of 6.41% in August to 6.07% this week. This still represents a sharp increase from 4.60% a year ago, when mortgage rates had already begun to climb after bond markets baulked at the then-Prime Minister Liz Truss' budget plans as well as BoE tightening. Mortgage lender Halifax said house prices in August were 4.6% lower than a year earlier, the sharpest drop in 14 years.

Persons: Phil Noble, Zoopla, Richard Donnell, Rightmove, Liz Truss, BoE, David Milliken, William James Our Organizations: REUTERS, Royal Institution, Chartered Surveyors, Thomson Locations: Knutsford, Britain, Halifax

☆ Bank of England to leave rates on hold through mid-2024, cut in Q3
▼ + stars: | 2023-09-26 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +4 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. Last week, the Bank surprised markets by not raising rates, sending sterling to a six-month low, but signalled rates would remain higher for longer. Still, over 40% of economists, 15 of 37, who answered an extra question said the BoE should hike rates again this year. Sixteen economists predicted Bank Rate at 5.00% in the third quarter, 10 forecast 4.75%, six said 4.50%, one expected 4.25% and one 3.75%. The European Central Bank was predicted to cut rates in the third quarter next year but the Federal Reserve might start in the second quarter, separate Reuters polls showed.

Persons: Hollie Adams, The BoE, BoE, James Smith, James Rossiter, Shaloo Shrivastava, Anitta Sunil, Purujit Arun, Jonathan Cable, Bernadette Baum Organizations: Bank of England, City of, REUTERS, Rights, Bank, Monetary, The, ING Financial Markets, TD Securities, European Central Bank, Federal Reserve, Thomson Locations: City, City of London, Britain

☆ Banks in EU largely comply with 'Basel Endgame', says watchdog
▼ + stars: | 2023-09-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The global Basel Committee agreed additional capital rules in 2017 that require banks to hold bigger reserves to shield them from potential shocks. The EU, along with Britain and the United States, is now putting the final Basel requirements into its rule books. Basel has a 2028 deadline for implementing its remaining rules, which are set to be rolled out in the EU from January 2025. The BoE is due to set out its final Basel Endgame rules sometime in 2024. The aggregate shortfalls globally and in the EU represent a fraction of banks' total capital buffers and earnings.

Persons: Arnd, BoE, Huw Jones, Jacqueline Wong, Jane Merriman Organizations: Bank for International Settlements, REUTERS, Union, Basel, European Banking Authority, Basel III, United, Bank of England, EU, Committee, Thomson Locations: Basel, Switzerland, EU, Britain, United States, Banks

☆ Sterling hits fresh multi-month lows on dollar and euro
▼ + stars: | 2023-09-25 | by ( Alun John | ) www.reuters.com time to read: +2 min

Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. Sterling, on Monday, dropped as much as 0.25% to $1.2213 its lowest since March 2023, though later steadied to trade flat on the day at $1.2242. The euro on Monday briefly touched 87.03 pence, its highest since May, and was last flat a touch below that level. "What we’re seeing today is the Chinese real estate worries bleeding into the European session, weighing on equity markets and then on the euro and sterling," said Nick Rees, FX market analyst at Monex Europe. "That builds on what happened last week with the Bank of England," said Rees, "Markets are now thinking about what the Bank is seeing in the economy."

Persons: Pound Sterling, ber, Phil Noble, BOE, Liz, Nick Rees, Rees, Alun John, Alex Richardson Organizations: REUTERS, Bank of, Bank of England, European Central Bank, Federal Reserve, FX, Monex, Global, China, HK, Thomson Locations: Manchester, Britain

☆ Central banks across Europe pause for breath after mammoth rate hike run, but face 'triple dilemma'
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

U.K. pauseThe Bank of England opted to pause interest rate moves after 14 straight hikes, keeping its main policy rate at 5.25%. The decline came despite interest rate hikes generally boosting the value of a currency. Scandinavian inflationIn northern Europe, Norway and Sweden opted for rate hikes on Thursday and suggested that further tightening could be ahead. Norway's headline inflation rate was 4.8% in August, with core inflation at 6.3%. The Norges Bank forecast now indicates a policy rate of 4.5% through 2024, up from the current 4.25%.

Persons: Bank of England Andrew Bailey, BoE, Alastair Grant, ALASTAIR GRANT, Carsten Brzeski, BOE, Andrew Bailey, Paul Dales, Simon French, Panmure Gordon, Thomas Jordan, Jordan, Ida Wolden Bache, Bache Organizations: Bank of England, The Bank of England, Getty, Afp, ING, CNBC, of England, Capital Economics, U.S . Federal, HSBC, Panmure, Swiss National Bank, European Central Bank, ECB, U.S, Norway's Norges Bank, Norges Bank Locations: London, U.K, Paul, Switzerland, Swiss, Europe, Norway, Sweden, Norway's

☆ Dollar up as data highlights US economic resilience; yen slumps
▼ + stars: | 2023-09-22 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The data comes on the heels of disappointing data from Europe, which showed that economic activity in France fell much more quickly than expected in September. Separate survey data covering the whole euro zone showed that the economy likely contracted in the third quarter. The yen dropped as low as 148.42 to the dollar, nearing the 150-mark at which analysts have said government intervention to prop up the currency is likely. BOJ maintains ultra-low interest ratesMeanwhile, sterling was 0.47% lower at $1.2237 after data showed that the UK economy slowed sharply in September and is likely on the brink of recession.

Persons: Florence Lo, Michael Brown, Brown, Michelle Bowman, Kazuo Ueda, we've, Alvin Tan, Shunichi Suzuki, BoE, Saqib Iqbal Ahmed, Harry Robertson, Rae Wee, Sharon Singleton, Matthew Lewis Organizations: U.S, REUTERS, P Global, Federal, Trader, Federal Reserve, Bank of Japan, Asia FX, RBC Capital Markets, Bank of England, Thomson Locations: United States, U.S, Europe, France, Asia, Tokyo, New York, London, Singapore

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The BOJ held interest rates at -0.1% on Friday and reiterated its pledge to keep supporting the economy until it's confident inflation will stay at the 2% target. "We have yet to foresee inflation stably and sustainably achieve our price target," BOJ Governor Kazuo Ueda said in a press conference. The yen dropped as low as 148.42 to the dollar, nearing the 150-mark at which analysts have said government intervention to prop up the currency is likely. It was on track to eke out a weekly increase of around 0.2%, its 10th rise in as many weeks.

Persons: Florence Lo, Kazuo Ueda, we've, Alvin Tan, Shunichi Suzuki, RBC's Tan, Treasuries, Ray Sharma, Ong, Sterling, BoE, Harry Robertson, Rae Wee, Christopher Cushing, Sonali Paul, Christina Fincher Organizations: U.S, REUTERS, Bank of Japan, Federal Reserve, Asia FX, RBC Capital Markets, Japan's Finance, Ministry, Finance, Bank of England, Thomson Locations: SINGAPORE, France, Asia, Tokyo, London, Singapore

☆ Yen falls after BOJ stands pat on easy policy; dollar elevated
▼ + stars: | 2023-09-22 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The yen last bought 148.09 per U.S. dollar. Sterling similarly eked out a 0.3% gain against the Japanese currency to trade at 181.80 yen. "I guess people were expecting the BOJ to leave policy unchanged but perhaps tweak the wording a bit to remove the accommodative stance." The New Zealand dollar edged 0.08% higher to $0.5936 and was eyeing a weekly gain of more than 0.5%.

Persons: Florence Lo, Kazuo Ueda, Sterling, Siong Sim, Shunichi Suzuki, Ray Sharma, Ong, BoE, Daniela Hathorn, Rae Wee, Christopher Cushing Organizations: U.S, REUTERS, Rights, Bank of Japan, Bank of Singapore, Treasury, Federal Reserve, Japan's Finance, New Zealand, Fed, Bank of England, Capital.com, Thomson Locations: Rights SINGAPORE

The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021 and below all forecasts in a Reuters poll of economists. PMIs for the euro zone picked up a little but still suggested a recession was approaching. Official data showed retail sales rose in August, partially recovering from a rain-induced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022. However, data company S&P Global said its survey was consistent with a drop in quarterly economic output of 0.4%. "The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," said Chris Williamson, chief business economist at S&P Global.

Persons: Molly Darlington, BoE, Sterling, Martin Beck, Beck, Chris Williamson, Samuel Tombs, Andy Bruce, Toby Chopra Organizations: REUTERS, P, CBI, Bank of England, P Global, U.S, Confederation of British Industry, PMI, Pantheon, Thomson Locations: Altrincham, Britain

☆ British retail sales grow in August after washout in July
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - British retail sales partially recovered in August after a rainy July washout, official figures showed on Friday, adding to signs that the country's consumers were mostly coping with the cost-of-living squeeze. Sales volumes rose by 0.4% on a month-on-month basis after a sharp 1.1% fall in July, the Office for National Statistics said. "These were partially offset by internet sales, which dropped slightly as some people returned to shopping in person following a very wet July. However, August's data represented the sixth time so far in 2023 that sales volumes rose on a month-to-month basis, suggesting resilience in consumer demand. Retail sales volumes were 1.4% lower than a year earlier, the ONS said, compared with economists' forecasts for a 1.2% decline.

Persons: Phil Noble, Heather Bovill, GfK, BoE, William Schomberg, James Davey, William James, Christina Fincher Organizations: REUTERS, National Statistics, Reuters, Office, Bank of England, British Foods, Thomson Locations: Altrincham, Britain

☆ Yen under pressure as U.S. Treasury yields push over-decade peaks
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: +3 min

A bundle of Japanese 10,000 yen banknotes on a tray arranged at a branch of Resona Bank Ltd. in Tokyo, Japan. The yen was held at the mercy of soaring U.S. Treasury yields on Friday ahead of a closely watched rate decision by the Bank of Japan, or BOJ, while the dollar stood near a six-month peak on the prospect of higher-for-longer U.S. rates. The Japanese currency was last marginally lower at 147.6 in early Asia trade, languishing near the previous session's more than 10-month low of 148.465. The yen was also kept under pressure as a result of elevated U.S. Treasury yields, which scaled multi-year highs in the previous session as markets reeled from a hawkish pause by the Federal Reserve on Wednesday. The U.S. dollar likewise rode Treasury yields higher and against a basket of currencies, the greenback touched a more than six-month high of 105.74 in the previous session.

Persons: Daniel Hurley, Rowe Price, Ray Sharma, Ong, Sterling, BoE, Daniela Hathorn Organizations: Resona Bank, Treasury, Bank of Japan, Federal Reserve, U.S, New Zealand, Fed, Bank of England Locations: Tokyo, Japan, Asia

Benefiting from the highest interest rates since 2008, pension funds are better funded to meet future payouts than they have been in years. Because insurers hold a lot less government debt than pension funds, favouring higher-return assets such as corporate debt, they are expected to sell some of the gilts they receive. It is selling 240 billion pounds of debt this year, a record, save for 2020-21. Helped by the pension fund demand of past years, Britain's average debt life is around 15 years, more than double the U.S. and Germany's. Britain has already started skewing its funding towards shorter debt this year, citing high borrowing needs, a move investors reckon also reflects declining pension fund appetite.

Persons: Dado Ruvic, BoE, gilts, Chris Jeffery, Lane Clark, Peacock, Barry Kenneth, Van Lanschot, Arif Saad, Craig, Owen Davies, LGIM's Jeffery, Yoruk, Carolyn Cohn, Dhara Ranasinghe, Toby Chopra Organizations: REUTERS, Bank of England, Legal, General Investment Management, Fund, Investment, Royal London Asset Management, Investors, Yoruk Bahceli, Thomson Locations: gilts, Germany's, Britain, Amsterdam, London

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. The U.S. central bank on Wednesday kept its key lending rate steady, as expected, but indicated another hike is possible as it and other central banks tighten policy to tame inflation. Major equity indices in Europe and on Wall Street fell more than 1% on concerns higher rates will curb growth. /FRXMirroring a rise in Treasury yields, Germany's 10-year government bond yield touched a fresh six-month high of 2.73% and Britain's 10-year gilt yield rose to 4.29% after falling on Wednesday to its lowest since July. Gold extended its decline for a third straight day as the dollar and Treasury yields rallied on the Fed's warning of a possible additional rate hike.

Persons: Brendan McDermid, there's, Michael Arone, Jack Ablin, it's, John Hardy, Hardy, Brent, Xie Yu, Marguerita Choy, Tomasz Janowski, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Swiss, Bank of England, Swiss National Bank, Fed, State Street Global Advisors, Reuters, Treasury, Cresset Capital Management, Saxo Bank, Dow Jones, Nasdaq, Sterling, Reuters Graphics, U.S, West Texas Intermediate, Thomson Locations: New York City, U.S, Norway, Sweden, Europe, Boston, Pebble Beach , Florida, Hong Kong

☆ Dollar eases after Fed-spurred rise; yen stronger ahead of BOJ
▼ + stars: | 2023-09-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

[1/3] Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. The Japanese yen strengthened against the greenback before Friday's Bank of Japan policy announcement, while the pound and the Swiss franc slipped after the British and Swiss central banks kept rates unchanged. The BOJ will end its negative interest rate policy next year, the majority of economists said in a Reuters poll, as the market has begun to envisage the demise of its ultra-easy monetary settings. The pound fell to its lowest since March after the Bank of England held interest rates steady on Thursday, following a cooler-than-expected inflation report the previous day. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations.

Persons: Jason Lee, Helen, Powell didn't, BoE, Monex's, Brad Bechtel, Sweden's, bitcoin, Saqib Iqbal Ahmed, Sam Holmes, Shri Navaratnam, Sharon Singleton, Richard Chang Organizations: Hong, REUTERS, U.S, Federal Reserve, Friday's Bank of Japan, Swiss, British, Fed, Monex, ECB, Traders, FX, Jefferies, Bank of England, Swiss National Bank, Thomson Locations: Hong Kong, Swiss, Japan, Swedish, Norwegian

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