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In the U.S. Treasury market -- considered the bedrock of the global financial system -- 10-year yields have jumped 20 basis points (bps) to 4.8% this week alone. Bond yields move inversely to prices, and asset managers who had held bonds expecting prices to rally are now throwing in the towel. Australian and Canadian 10-year bond yields have surged over 20 bps each this week , , and British 30-year government bond yields hit a fresh 25-year high above 5% on Wednesday . In a further sign of investor nervousness, the closely-watched MOVE bond volatility index is at a four-month high. (.MOVE)Rise in global yields beyond 10yr average levels Rise in global yields beyond 10yr average levelsRIPPLESGovernment borrowing costs influence everything from mortgage rates for homeowners to loan rates for companies.

Persons: Jason Lee, Bond, Juan Valenzuela, Artemis, Vikram Aggarwal, that's, Everybody's, you've, Richard McGuire, Dhara Ranasinghe, Naomi Rovnick, Alun John, Yoruk Bahceli Chiara Elisei, Andy Bruce, Kim Coghill, Toby Chopra Organizations: Hong, REUTERS, U.S . Treasury, Federal Reserve, Reuters, P Global Market Intelligence, Jupiter, New York Fed, Rabobank, Thomson Locations: Hong Kong, Treasuries, British

European stocks (.STOXX) tumbled as much as 0.6% before clawing back some ground, with indexes in France (.FCHI) and Germany (.GDAXI) both posting losses. Thirty-year Treasury yields also rose above 5% for the first time since August 2007. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) had fallen 1.3%, its second straight daily drop of over 1%. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Reporting by Tom Wilson and Tom Westbrook; Editing by Simon Cameron-Moore and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Sandrine Perret, it's, Mel Siew, Kit Juckes, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Mark Potter Organizations: U.S ., Nikkei, REUTERS, LONDON, Bank of Japan, Muzinich, Co, THE, Federal, Treasury, Brent, . West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, France, Germany, Unigestion, Asia, Pacific, Singapore

☆ Asia stocks slump as bond selloff spooks markets
▼ + stars: | 2023-10-04 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The spike in Treasury yields lifted the dollar to new heights with only the yen showing some fight amid speculation the Japanese authorities might be intervening behind the scenes. The yen breached the 150-per-dollar level in the London afternoon on Tuesday before suddenly shooting to 147.3. There was no confirmation from Tokyo, where Japan's finance minister and top currency diplomat have made no direct comment on the move. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Brent crude futures were last steady at $90.87 a barrel, having hit an 11-month high of $97.69 last week.

Persons: Issei Kato, it's, Mel Siew, Ryota Abe, Kit Juckes, Tom Westbrook, Jamie Freed, Kim Coghill Organizations: U.S ., REUTERS, Japan's Nikkei, Muzinich, Co, Sumitomo Mitsui Banking Corporation, New Zealand, Federal, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, SINGAPORE, London, Pacific, Singapore, Taiwan, Malaysian

Why are global bond yields rising? With inflation excluding food and energy prices elevated and the U.S. economy resilient, central banks are pushing back against rate cut bets. Many investors were also betting bond yields would drop, so are extra sensitive to moves in the opposite direction, analysts say. That is no surprise, and analysts do not rule out a rise in 10-year Treasury yields to 5%, from 4.7% now . Bond yields determine governments' funding costs, so the longer they stay high, the more they feed into the interest costs countries pay.

Persons: Brendan McDermid, August's, Goldman Sachs, Mahmood Pradhan, Treasuries, Andrea Kiguel, Yoruk, Dhara Ranasinghe, Karin Strohecker, Marc Jones, Amanda Cooper, Ed Osmond Organizations: New York Stock Exchange, REUTERS, U.S . Treasury, August's Fitch, Reuters, Treasury, Deutsche Bank, Amundi Investment, U.S, JPMorgan, Barclays, Yoruk Bahceli, Thomson Locations: New York City, U.S, Germany, Japan, Italy, Europe, Americas, Amsterdam, London

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Markets have seen some seismic shifts in recent weeks after being forced to adjust to the 'higher for longer' mantra propagated by major central banks. "I don't think we're back to the point where these central banks will start tightening again..but if you are a central banker, especially of an oil importing country, you do become more cautious." On the other hand, a select number of central banks in emerging markets were still in hiking mode. Turkey, which is struggling with inflation pressures and a currency that is sliding from one record low to the next, delivered another bumper 500 bps rate hike.

Persons: Heiko Becker, Bjoern, Kaan Nazli, Neuberger Berman, Karin Strohecker, Sumanta Sen, Christina Fincher Organizations: European Central Bank, REUTERS, U.S . Federal Reserve, Bank of England, ECB, DWS, Reuters, Thomson Locations: Frankfurt, Germany, Central, America, Europe, Sweden, Norway, Australia, Canada, Japan, Brazil, Chile, Poland, Hungary, Turkey, Russia, Thailand, London, Mumbai

☆ Stocks make meandering start to quarter; yen hits near 1-year low
▼ + stars: | 2023-10-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The yen fell to within a whisker of 150-per-dollar and its weakness is a boon for exporters' and the pricing of their foreign earnings in yen. European futures rose 0.2%. Japanese stocks were also boosted by the Bank of Japan's quarterly Tankan survey, which showed an improvement in business sentiment. In the Treasury market 10-year yields rose 4 bps to 4.6124% and the two-year yield rose 3.7 bps to $5.0832%. Crude oil steadied after late-week fallsBrent December crude futures rose 16 cents, or 0.2%, to $92.36 a barrel.

Persons: Issei Kato, Christopher Wong, Brent, Kevin Buckland, Tom Westbrook, Edwina Gibbs, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Japan's Nikkei, Bank, Bank of Japan, Futures, Treasury, New, . West Texas, Thomson Locations: Tokyo, Japan, U.S, India, Hong Kong, China, Asia, Pacific, New Zealand, Singapore

☆ Morning Bid: Dollar glimmers in broad market gloom
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 27, 2023. REUTERS/Staff/file photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookGerman and Spanish inflation data and European consumer confidence data due today seem unlikely to pierce the gloom that's enveloped markets in recent days. Oil's spike to one-year highs has poured fuel on selling in the bond market and further pumped up the dollar, while global stocks have dropped for nine sessions in a row. There's still no intervention from Japan, although moves in the pair are so tentative that it's clear traders are jittery. In addition to the day's data, Fed Chair Jerome Powell's comments will be a focus for markets when he speaks at 2000 GMT.

Persons: Tom Westbrook, Donald Trump, There's, Jerome Powell's, Jerome Powell, Edmund Klamann Organizations: REUTERS, Staff, Capitol, Republican, HK, Nikkei, Thomson Locations: Frankfurt, Germany, loggerheads, U.S, China, China's, Stocks, Asia, Japan, prelim

ORLANDO, Florida, Sept 28 (Reuters) - The 'dollar smile' can be a blessing for Wall Street, or a curse. But the speed and extent of the move in the dollar and Treasuries, and tightening of financial conditions, warrant vigilance. According to Goldman Sachs, U.S. financial conditions are the tightest this year. This is not dissimilar to other major economies and regions, some of which - the euro zone, China and emerging markets - are feeling an even tighter squeeze. It might be too early for that to appear in third-quarter results - many big Wall Street firms will have hedged their currency exposure over the near term - but if sustained, fourth-quarter profits could be affected.

Persons: Stephen Jen, reckons Stuart Kaiser, Kaiser, Goldman Sachs, Rabobank's Jane Foley, Foley, Jamie McGeever, Andrea Ricci Organizations: Treasury, Citi, FCI, Reuters, Thomson Locations: ORLANDO, Florida, China, U.S, America

Screens showing the Hang Seng stock index and stock prices are seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsSept 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Sometimes markets get up a head of steam and it becomes very difficult to slow the momentum, far less reverse it. Asian stocks barely clawed back any of the previous days' losses either, and world stocks racked up a ninth straight decline. These moves are unlikely to provide a springboard for Asian markets on Thursday, and beyond Australian retail sales there is nothing on the economic or policy calendar likely to do so either.

Persons: Tyrone Siu, Jamie McGeever, Jerome Powell, Josie Kao Organizations: REUTERS, Treasury, Bloomberg, Thomson, Reuters Locations: Exchange, Hong Kong, China, Japan, China's, Australia, Germany, prelim

☆ Stocks stall, yields climb on "higher for longer" rate worries
▼ + stars: | 2023-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

U.S. stock futures , , were slightly firmer ahead of the opening bell on Wall Street, signalling a pause after sharp losses on Thursday amid uncertainty over interest rates going into 2024. Benchmark 10-year U.S. Treasury yields hit a 16-year high of 4.508%, later trading at 4.48%, while 30-year yields hit their highest in a dozen years. The Fed revised downwards its unemployment rate forecast for next year, and if the U.S. economic data continued to improve, it would put "upside risk" on interest rates, making the need for a soft landing all the greater, Osman added. Ten-year Japanese government bond futures rallied though cash yields were little changed and near decade highs at 0.745%. Gold firmed 0.3% to $1,925 an ounce despite pressure from the stronger dollar and bond yields.

Persons: what's, Eren Osman, Arbuthnot Latham, Osman, Mary Daly, Neel Kashkari, Susan Collins, Lisa Cook, Craig Ebert, Huw Jones, Tom Westbrook, Edmund Klamann, Kim Coghill, Rashmi Organizations: Bank of Japan, Global, Nasdaq, Treasury, ING, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: Europe, U.S, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

The European Central Bank last week lifted rates to a record 4% and upgraded its inflation forecast for 2024, but the euro fell and has lost almost 2% against the dollar this month. Overall, Europe's central banks "would like to portray this idea of higher for longer (rates)," said Ed Hutchings, head of rates at Aviva Investors. The currency, which the central bank labeled "unjustifiably weak," barely caught a break and remains near a record low against the euro . He expected one the of big European central banks to be the first to cut rates. European central banks were "in a bind," Fiotakis added, as higher oil prices also threatened to push inflation higher.

Persons: Dado Ruvic, Sterling, Kit Juckes, BoE, SocGen's Juckes, Ed Hutchings, Nathan Thooft, Bjoern, Fiotakis, Orla Garvey, Naomi Rovnick, Christina Fincher Organizations: REUTERS, Sterling, LONDON, Bank of, Swiss, greenback, Societe Generale, European Central Bank, ECB, U.S . Federal Reserve, Fed, Aviva Investors, Investment Management, Reuters, DWS Group, Nomura, ING, Barclays, Federated, Thomson Locations: Swiss, Bank of England, Switzerland, Sweden, Europe, U.S, Western Europe, United States, Britain, Swedish, Japan, European

☆ Reactions: Bank of England bashes pound after halting rate rises
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +8 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Investors had already rushed on Wednesday to reel in their bets on further UK rate rises after data showed UK inflation cooled surprisingly quickly in August. Against the euro , the pound was down 0.5% at 86.74 pence, having traded around 86.70 pence before the decision. "The MPC still refers to its flexibility to react should things change, but the chances are this could be the peak in this UK interest rate cycle." "However, there is a risk that the ‘lag effect’ on interest rate hikes means that today’s decision may not be felt for another 9 to 12 months."

Persons: Hollie Adams, Sterling, THOMAS, Huw Pill's, HUGH GIMBER, PHILIP SHAW, DOUGLAS GRANT, JEREMY BATSTONE, CARR, RAYMOND JAMES, FRANCES HAQUE, JOE TUCKEY, RICHARD GARLAND, GILES COGHLAN, BoE, stagflation, Amanda Cooper, Dhara Organizations: Bank of England, City of, REUTERS, London, Investors, Bank of, Bank, MPC, SANTANDER, LONDON, Core CPI, PMI, CPI, EMEA, Thomson Locations: City, City of London, Britain, London, MANX, EUROPEAN, FRANCE, GROUP, OXFORDSHIRE

Yet in Europe, sterling came under pressure after data showed Britain's high inflation rate fell unexpectedly in August, prompting speculation that the Bank of England could pause its historic run of interest rate hikes as soon as Thursday. Two-year Treasury yields were down 3.5 basis points in London trade at 5.07%, having risen sharply on Tuesday, when five- and 10-year Treasury yields reached 16-year highs. World stock markets were edging higher ahead of the Fed rate decision. UK gilt yields fell sharply as investors slashed bets for a rate hike on Thursday, with two-year yields last down over 14 bps at 4.85% . "Combined with their recent dovish commentary, we now expect the MPC to keep Bank Rate unchanged tomorrow and lower our forecast for the terminal policy rate to 5.25%," Stehn and co. added.

Persons: DAX, Kai Pfaffenbach, Jerome Powell, Lee Hardman, Sterling underperformed, Goldman Sachs, Sven Jari Stehn, Stehn, Masato Kanda, Eugene Low, Dhara Ranasinghe, Samuel Indyk, Tom Westbrook, Toby Chopra, Chizu Organizations: REUTERS, Sterling, U.S, Treasury, Federal Reserve, Bank of England, Brent, Federal, Fed, Japan's Nikkei, MPC, Monetary, Bank of, New Zealand, Thomson Locations: Frankfurt, Germany, Europe, Saudi Arabia, Russia, U.S, London, Sweden, Switzerland, Norway, Britain, Japan, Asia, Pacific, Hong Kong, China, Singapore

☆ The single biggest piece of the economy is showing signs of deteriorating
▼ + stars: | 2023-09-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

While consumer spending data has been surprisingly resilient this year, there are signs that household wallets may have hit their limit. "We asked consumers about their Holiday season spending plans in July and September. The percentage of consumers who said they plan to spend less this Holiday season jumped 840 [basis points] sequentially, while the percentage who said they plan to spend more rose only 340 [basis points]. "The U.S. consumer will determine whether or not the U.S. economy glides down for a 'soft landing' in the months ahead. On Wall Street, slower consumer spending would spell particularly bad news for retailers that are already struggling.

Persons: Jay Sole, Wolfe, Chris Senyek, we've, Senyek, UBS's, Michael Bloom Organizations: Federal Reserve, U.S, Target, Dick's Sporting Goods, UBS, Fed, Wolfe Research, Retail Locations: U.S

☆ Foreign holdings of US Treasuries increase in July, China holdings plunge -data
▼ + stars: | 2023-09-18 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

Total holdings of U.S. Treasuries climbed to $7.655 trillion in July, up from $7.562 trillion in the previous month. China's stash of Treasuries dropped to $821.8 billion, the lowest since May 2009, when it had $776.4 billion, data showed. "A lot of the increase in foreign holdings was from the Caymans, Luxembourg, Bermuda, which are associated with custodians. Major U.S. asset classes showed mixed results during the month, data showed. Data also showed U.S. residents increased their holdings of long-term foreign securities, with net purchases of $36.8 billion in July.

Persons: Kevin Lamarque, Treasuries, Gennadiy Goldberg, Goldberg, Gertrude Chavez, Dreyfuss, Chris Reese, Sonali Paul Organizations: Department of, U.S . Treasury, REUTERS, Treasury, Analysts, TD Securities, U.S, Thomson Locations: Washington , U.S, U.S, Treasuries, China, New York, Luxembourg, Bermuda, Japan

☆ Take Five: A central bank bonanza
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +5 min

Now it's the turn of the world's most important central bank. Also on Thursday, the Bank of England is tipped to hike for the 15th consecutive meeting, taking benchmark borrowing costs to 5.5%. Norway's central bank is also expected to nudge benchmark borrowing costs higher, following a 25 bps rise in August to 4%. Reuters Graphics4/ DIVERGING TRAJECTORIESThe push and pull factors on central banks are nowhere more visible than in emerging markets. But for Turkey's central bank, convening on Thursday, the only way is up.

Persons: Lewis Krauskopf, Kevin Buckland, Amanda Cooper, Naomi Rovnick, Karin Strohecker, Jerome Powell, Kazuo Ueda, Ueda, hypothesise, Tayyip Erdogan, Mark Heinrich Our Organizations: U.S . Federal, ECB, Bank of England, Reuters, Bank of Japan, Japan's, of Finance, Thomson Locations: Central, Lewis, New York, Tokyo, London, United States, Europe, Scandinavia, Switzerland, Norway's, Latin America, South Africa, Egypt, Taiwan

☆ Japan's yen takes the spotlight in central bank week
▼ + stars: | 2023-09-18 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

The Bank of Japan's policy meeting on Friday is the highlight of the week in Asia, after Governor Kazuo Ueda stoked speculation of an imminent move away from ultra-loose policy. The yen was flat versus the greenback between 147.63 and 147.88 per dollar, with markets in Japan closed for a national holiday. "Anticipation of new BOJ rate guidance could support the yen into the meeting date, with the FOMC meeting also contributing to volatility this week," Chang said. The European Central Bank raised interest rates to 4% last week but said this hike could be its last. Futures are pricing in almost no chance that the Fed raises interest rates at the end of its two-day meeting next Wednesday.

Persons: Yen, Dado Ruvic, Kazuo Ueda, That's, Carol Kong, Kong, Ueda, Wei, Liang Chang, Chang, Sterling, Lincoln Organizations: REUTERS, Rights, U.S, The, of, U.S . Federal, Bank of, Commonwealth Bank of Australia, DBS Bank, European Central Bank, Japan, . U.S, Treasury, The Bank of England, Brent, Saudi, Global, Thomson Locations: Rights SINGAPORE, Asia, Bank of England, Japan, ., U.S, Ukraine

☆ Goldman Sachs cuts BoE terminal rate view to 5.5%
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska//File Photo Acquire Licensing RightsSept 18 (Reuters) - Goldman Sachs lowered its forecast for the Bank of England's (BoE) terminal rate by 25 basis points to 5.5%, after predicting that the central bank would hold interest rates steady at its November meeting against an earlier forecast of a hike. The BoE raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25% in early August, its fourteenth back-to-back increase, and warned that borrowing costs were likely to stay elevated for some time. Economists led by Sven Jari Stehn said in a note dated Friday that they still expect the BoE to hike rates by 25 bps at its September Monetary Policy Committee (MPC) meeting next week. Reporting by Aniruddha Ghosh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, Maja Smiejkowska, Goldman Sachs, Sven Jari Stehn, Aniruddha Ghosh Organizations: Bank of England, REUTERS, Bank of England's, MPC, Thomson Locations: London, Britain, Bengaluru

☆ Wells Fargo upgrades L3Harris, says shares could benefit from a potential government shutdown
▼ + stars: | 2023-09-18 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Investors could benefit from the discount in L3Harris Technologies shares relative to its defense technology peers, according to Wells Fargo. L3Harris Technologies stock has slipped more than 17% from the start of the year. LHX YTD mountain L3Harris Technologies stock. The analyst added that estimates have likely bottomed for L3, and that a government shutdown has typically benefited defense stocks. In the same report, Akers also upgraded Lockheed Martin to equal weight from underweight, and left his price target at $440.

Persons: Wells, Matthew Akers, Akers, Lockheed Martin, Price, Northrop, Booz Allen Hamilton, Harris, — CNBC's Michael Bloom Organizations: L3Harris Technologies, Lockheed, General Dynamics, Northrop Grumman, Raytheon, Booz, CACI, Leidos Holdings, Citigroup Locations: Wells Fargo

☆ Japan's yen in spotlight ahead of 'live' BOJ meeting
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +3 min

In a week packed with central bank meetings, decisions are also due from the U.S. Federal Reserve on Wednesday and Bank of England on Thursday. The yen was flat versus the greenback at 147.82 per dollar with markets in Japan closed for a national holiday. Carol Kong, economist and currency strategist at Commonwealth Bank of Australia, said she expects the yen to be volatile leading up to the policy meeting. "So that means dollar yen can track higher, particularly if Governor Ueda sounds dovish and dashes hopes of policy tightening at the upcoming meeting," she said. The European Central Bank raised interest rates to 4% last week but said this hike could be its last.

Persons: Kazuo Ueda, Carol Kong, Kong, Ueda, Sterling Organizations: U.S ., The, of, U.S . Federal Reserve, Bank of England, Commonwealth Bank of Australia, European Central Bank, Japan, . U.S, Treasury, Deutsche Bank Research, Brent, Saudi Locations: Asia, Japan, ., U.S, Ukraine

☆ Here are Friday's biggest analyst calls: Apple, GM, Amazon, Zoom, Arm, Rivian, Ford, Deere & more
▼ + stars: | 2023-09-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

HSBC initiates Zoom as buy HSBC said Zoom is the leader in video conferencing. HSBC initiates Deere as buy HSBC said in its initiation of Deere that it sees "upside in the cycle." HSBC initiates Salesforce as buy HSBC said in its initiation of the stock that it's a "margin expansion story." HSBC initiates Snowflake as buy HSBC said Snowflake is well positioned for AI. HSBC initiates Oracle a buy HSBC said in its initiation of Oracle it likes the company's cloud platform.

Persons: Morgan Stanley, Rivian, it's, TD Cowen, Needham, Piper Sandler, Piper, KEY's, Lauder, Redburn, Wolfe, Goldman Sachs, Goldman, Casella, Zoom, Snowflake, Northcoast, Apple, Salesforce, Ford Organizations: Bank of America, underperform Bank of America, HSBC, Anheuser, Busch InBev, UBS, WWE, UFC, Systems, Moffett, Deere, Oracle, of America, Amazon, Apple, Lenovo, Adobe, General Motors, Ford, GM, UAW Locations: Americas, 2H23, North America, U.S, China

☆ China cuts banks' reserve ratio for second time in 2023 to aid recovery
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from Sept. 15. The central bank said the weighted average reserve requirement ratio (RRR) for financial institutions stood at around 7.4% after the cut. Dan Wang, chief economist at Hang Seng Bank China, cautioned to watch for a cut in Medium-term Lending Facility (MLF) on Friday off the back of the RRR cut. "That would be more significant than the RRR cut and suggest central bank is up to something," said Wang.

Persons: Jason Lee, Wen Bin, Xu Tianchen, Dan Wang, Wang, Liangping Gao, Joe Cash, Ellen Zhang, Kevin Yao, Kevin Liffey, Alison Williams, Christina Fincher Organizations: People's Bank of China, REUTERS, Rights, Minsheng Bank, Xinhua, Economist Intelligence Unit, Hang Seng Bank China, Thomson Locations: Beijing, China, Rights BEIJING

☆ Dollar hovers below 3-month high to euro as ECB decision looms
▼ + stars: | 2023-09-14 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The yen pulled away from near a 10-month trough to the dollar as a decline in long-term Treasury yields removed some support for the U.S. currency. The U.S. dollar index - measuring the currency against a basket of six developed-market peers, including the euro and yen - edged 0.1% lower to 104.63 in the Asian morning. The euro added 0.1% to $1.07415, continuing its grind higher from last week's low of $1.0686. The dollar slipped 0.2% to 147.125 yen , falling back from near last week's peak of 147.875. At the same time, a hike by the ECB "could potentially catalyse a shift in momentum, relegating the dollar to a secondary position as the euro gains traction," he added.

Persons: Dado Ruvic, James Kniveton, Kevin Buckland, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Treasury, Labor Department, Traders, ECB, Reuters, Thomson Locations: U.S, Melbourne

Member of the rate-setting Monetary Council of the National Bank of Hungary Gyula Pleschinger speaks during an interview with Reuters in Budapest, Hungary, September 14, 2023. REUTERS/Krisztina Than Acquire Licensing RightsBUDAPEST, Sept 14 (Reuters) - Hungary's central bank could cut its base rate to 10-11% by the end of the year from 13%, a rate-setter told Reuters, warning however against big or unexpected moves amid the fallout from a larger-than-expected rate cut in Poland last week. Once that alignment takes place, the NBH will simplify its policy toolkit further, which could include making the interest rate corridor around its base rate symmetrical, he said. "From that point onwards, we will take all of our steps in a very serious, data-driven mode, looking at the market, tracking the market," Pleschinger said. Asked about the fallout from the National Bank of Poland's much-larger-than-expected 75 bps interest rate cut last week that saw regional currencies weaken, Pleschinger said Hungary's central bank should tread carefully.

Persons: National Bank of Hungary Gyula Pleschinger, Gyula Pleschinger, unwinding, Pleschinger, Disinflation, Gergely Szakacs, Hugh Lawson Organizations: National Bank of Hungary, Reuters, REUTERS, Rights, European, National Bank of, Thomson Locations: Budapest, Hungary, Poland, National Bank of Poland's

☆ Crunch time after string of aggressive central bank rate hikes
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +5 min

Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. So far, nine developed economies have raised rates by a combined 3,915 bps in this cycle. Reuters Graphics2) NEW ZEALANDThe Reserve Bank of New Zealand lifted its cash rate to a 14-year high of 5.5% in May and has kept it there since. Reuters Graphics7) AUSTRALIAThe Reserve Bank of Australia kept rates steady at 4.1% for a third consecutive meeting in September, the last under former Governor Philip Lowe. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, meets next week.

Persons: BoE, Macklem, Philip Lowe, Lowe's, Michele Bullock, Naomi Rovnick, Harry Robertson, Samuel Indyk, Nell Mackenzie, Alun John, Yoruk Bahceli, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ranasinghe, Sharon Singleton Organizations: European Central Bank, U.S . Federal Reserve, UNITED, Reuters, Federal Reserve, Reserve Bank of, BRITAIN, of England, CANADA Bank of Canada, Bank of Canada, ECB, Norges Bank, SWEDEN Traders, Swiss, Bank of Japan, Thomson Locations: U.S, Japan, Reserve Bank of New Zealand, NORWAY, Reserve Bank of Australia, SWEDEN, Swedish, SWITZERLAND Swiss, JAPAN

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