Structural forces, including concerns around Japan's fiscal trajectory under the Takaichi administration, are likely to persist and continue to weigh on the yen, says Eastspring Investments' Rong Ren Goh in an email. The market's view that the Bank of Japan is behind the curve is also pressuring th…
Indonesia's food inflation is expected to continue to rise in the coming months, driven mainly by supply-side pressures including adverse weather and elevated fertilizer costs, RHB economist Wong Xian Yong says in a note. Imported inflation remains an upside risk as a weaker rupiah raises the cost…
The South African rand slipped in early trade on Wednesday, pressured by global risk aversion tied to fading prospects of a permanent U.S.-Iran peace deal, while traders awaited a local manufacturing purchasing managers' index and vehicle sales data for June.
By Rae Wee and Amanda CooperThe dollar hit a 40-year high against the yen on Wednesday as a sharp rise in U.S. Treasury yields boosted the currency ahead of U.S. jobs data that could strengthen the case for a Federal Reserve rate hike this month.The dollar rose as high as 162.84 yen FX_IDC:USDJPY…
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0648 GMT - The dollar rises as traders continue to bet on the Federal Reserve raising interest rates this year and digest the latest developments in the Middle East conflict. The dollar should remain strong until the Iran war is over, Commerzbank's Antje Praefcke says in a note. Only then would it…
Round-up of South Korean financial markets:** South Korean shares fell more than 2% on Wednesday, as overseas investors booked profits after a blistering second quarter, even as the country's exports beat forecasts on record chip sales.** The benchmark KOSPI KRX:KOSPI closed down 173.07 points, or…
Aluminum futures in the UK fell below $3,100 per tonne, the lowest since February, pressured by a stronger US dollar and expectations of renewed metal shipments from the Middle East. The metal extended June's 16% plunge, the steepest monthly drop since 2008, which followed a strong rally from March…
The Japanese Ministry of Finance's recent monthlong pause on foreign-exchange intervention was likely a strategic one rather than an approval of a weaker yen, says SMBC Nikko Securities economist Junichi Makino. The finance ministry likely judged that it would be wiser to pause currency interventio…
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By Jaspreet KalraThe Indian rupee was largely unchanged on Wednesday as likely intervention offset weakness in Asian peers, while analysts parsed data on the central bank's forward dollar liabilities to gauge how it may impact the currency's outlook.Data on Tuesday showed that the Reserve Bank of I…
The dollar looks deeply overbought against the yen, based on a relative strength index of 81.4 on daily chart, Sucden Financial's research team says in commentary. This raises the probability of a corrective pullback of the dollar toward the 20-day simple moving average near 161 yen or structural s…
Malaysian palm oil futures traded higher on Wednesday, reversing early losses as firmer Chicago soyoil and a weaker ringgit supported the market.The benchmark palm oil contract (FCPOc3) for September delivery on the Bursa Malaysia Derivatives Exchange rose 29 ringgit, or 0.64%, to 4,575 ringgit ($1…
The Indian central bank likely intervened in the foreign exchange market to support the rupee on Wednesday, four traders told Reuters, as weakness in Asian currencies weighed on the currency after Iran said it won't meet with U.S. envoys.The rupee FX_IDC:USDINR was at 94.7225 per dollar as of 11:45…
0539 GMT - U.S. two- and 10-year Treasury yields hit one-week highs of 4.181% and 4.473%, respectively in Asian trade before coming off peaks. The rise in yields points to a solid U.S. economy coupled with inflationary pressure, while Middle East peace talks still see back-and-forth steps. Presiden…
The path of least resistance for the dollar/yen pair remains higher, says Carol Kong, currency strategist a the Commonwealth Bank. Despite the pair trading near multi-decade highs, another round of FX intervention doesn't appear imminent, she adds. The latest warnings from Japanese officials have b…
The Indonesian rupiah slipped toward IDR 17,940 per dollar on Wednesday, extending a three-day decline as the U.S. dollar firmed on growing expectations the Fed could raise rates later this year.Locally, sentiment was weighed down after Indonesia posted a trade deficit in May, the first since April…
The immediate outlook for the dollar-yen pair is for its grind higher to continue, with currently nothing to detract from attractiveness of the short-yen carry trade, even after adjusting for volatility, says Ray Attrill, head of FX strategy at National Australia Bank. But it will be a grind, given…
By Ronnie HaruiThe yen hit a fresh 40-year low against the dollar in Asia on Wednesday, keeping traders on high alert for possible currency intervention by the Japanese government.Ongoing expectations for a gradual pace of interest-rate increases by the Bank of Japan, combined with growing prospect…
By Rae WeeThe dollar climbed after a sharp rise in Treasury yields and pushed the yen to a 40-year trough on Wednesday, as traders braced for a crucial U.S. jobs report and ramped up bets on an imminent Federal Reserve rate hike.The dollar rose to a fresh top of 162.84 yen FX_IDC:USDJPY in the Asia…
