Oct 5, 2023: The Russian rouble hovered around 99.5 to the dollar on Thursday, struggling to pull away from the 100 threshold it breached earlier this week, hurt by reduced foreign currency supply from exporters early in the month. At 0818 GMT, the rouble was unchanged against the dollar at 99.60 and steady at 104.72 versus the euro. It had firmed 0.2% against the yuan to 13.61. The rouble has lost support of a favourable month-end tax period that usually sees exporters convert FX revenues to meet local liabilities. Brent crude oil, a global benchmark for Russia’s main export, was…
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Oct 5, 2023: European stock markets edged higher Thursday, as a positive handover from the U.S. helped to dilute further signs of eurozone economic weakness. At 04:05 ET (08:05 GMT), the DAX index in Germany traded 0.2% higher, the CAC 40 in France climbed 0.2% and FTSE 100 in the U.K. rose 0.1%. Disappointing European economic outlookGerman exports fell more than expected on the month in August, dropping 1.2% from the previous month, as weak global demand hurt the country’s exports. August was the second month in a row to see a decline in exports, following a downward-revised 1.9% dip…
Oct 5, 2023: The yen and euro received some much needed relief on Thursday as the dollar and U.S. Treasury yields both stalled after U.S. private payrolls growth slowed sharply, leading investors to reduce bets the Federal Reserve will hike rates again this year. After touching an 11-month high earlier this week, the dollar index (=USD), which tracks the greenback against six peers including the euro and yen, flattened at 106.75 after Wednesday’s data showed U.S. private payrolls increased far less nAQN2I71I5 than expected in September. Although analysts said more evidence was needed to be sure how fast the labour…
Oct 4, 2023: Oil edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high interest rates could reduce fuel demand. Brent crude oil futures dipped 6 cents to $90.86 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude (WTI), fell 5 cents to $89.18 per barrel. Data on Tuesday night showed that U.S. job openings increased by the largest amount in more than two years, prompting a further sharp rise in Treasury yields. Along with fears that interest rates will stay high for some…
Oct 4, 2023: Japanese authorities refrained on Wednesday from disclosing whether they had stepped into the market to prop up the yen and stressed their resolve to act against excess volatility, keeping markets on alert for the chance of yen-buying intervention. After sliding below the psychologically important 150 per dollar mark to its weakest level in a year, the yen strengthened sharply overnight on Tuesday, leading some market participants to believe Tokyo had intervened to support the currency. Speaking to reporters, Finance Minister Shunichi Suzuki declined to comment on whether Tokyo had stepped in, and repeated that currency rates must…
Oct 4, 2023: The yen was sitting barely on the stronger side of 150 per dollar on Wednesday, after an unexpected but short-lived surge in the previous session stoked speculation that Japanese authorities could have intervened to support the currency. The Japanese currency was marginally lower at 149.16 per dollar in Asia trade, after surging nearly 2% at one point on Tuesday to 147.30. The spike came after a slip to 150.165 per dollar, its weakest since October 2022. “Them stepping in here would be perfectly consistent with recent warnings from top officials and past behaviour,” said James Malcolm, head…
Oct 4, 2023: Asian stocks sank to 11-month lows on Wednesday as an ongoing rout in global bond markets saw U.S. yields reach 16-year highs, challenging equity valuations and souring appetite for risk assets in general. 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…
Oct 3, 2023: Asian shares slid on Tuesday to their lowest this year as worries over higher U.S interest rates for longer period gripped markets, while the yen wobbled near a one-year low, keeping traders on alert for a possible intervention. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.6% to the lowest since Nov. 28, 2022. Japan’s Nikkei fell 1.8%, while Hong Kong’s Hang Seng Index sank 3%. Chinese markets were closed for the week because of the Golden Week holiday. Futures indicated European stocks were due to open lower, with the Eurostoxx 50 futures down 0.58%, German…
Oct 3, 2023: The Russian rouble weakened past the symbolic threshold of 100 to the dollar before recovering slightly in early trade on Tuesday, weighed down by foreign currency outflows and the country’s shrinking current account surplus. The rouble’s last tumble into triple digits in August led the Bank of Russia to make an emergency 350-basis-point rate hike to 12% and authorities discussed reintroducing controls to buttress the currency. At 0415 GMT, the rouble was 0.21% weaker against the dollar at 99.97 after falling to as low as 100.26 soon after opening at 0400 GMT. It had gained 0.33% to…
Oct 3, 2023: The dollar reached fresh 11-month highs on Tuesday, pushing the yen down closer to a potential intervention zone, after strong U.S. economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer. The euro and sterling also traded at new multi-month lows against the dollar, with the euro dropping below January’s 1.0482 nadir. The Australian dollar slipped to an 11-month low following the Reserve Bank of Australia’s (RBA) decision to hold rates, while Russia’s rouble weakened past the symbolic threshold of 100 to the dollar before recovering slightly in early trade. U.S.…
