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Japanese Yen – Market News

Asia-Pac Takes a Hit as Fed Sticks to Guns on Rate Hike, Balance Sheet Normalization

Currencies in the Asia-Pacific region fell against the US dollar on Thursday morning after the Federal Reserve signaled that it would raise interest rates again this year and would begin shrinking its balance sheet in October. The Fed funds rate was left unchanged at its current range of 1–1.25%. Although the majority of economists had expected this would be the Fed’s position, for some, doubt had crept in following hurricanes Harvey and Irma. View article >

New Zealand Dollar Jumps as New Election Poll Suggests National Party Victory

The New Zealand dollar jumped by three-quarters of a percent against many of the majors on Wednesday evening after the latest election poll showed a clear swing in public opinion back towards the incumbent National Party. New Zealand’s general election will take place in three days’ time, on Saturday September 23rd. NZD/USD is now seen at a six-week high close to 0.7315 and NZD/AUD at a four-week high of 0.918. View article >

ABM Amro Has “Strong Conviction” on Future Dollar Weakness; Predicts 12% Rise in AUD and NZD

New forecasts from Dutch bank ABN Amro see continued weakness in the US dollar heading into and throughout 2018. “We have a strong conviction that the US dollar has entered a multi-year downtrend,” said ABN’s Georgette Boele. The dollar will be hardest hit against “growth sensitive and commodity currencies,” according to the bank, which include the Australian dollar, New Zealand dollar, Canadian dollar, Norwegian krone and Swedish krona. View article >

Sterling Soars, Yen the Casualty at the End of Eventful Week

The British pound rose on Friday to its highest level against the dollar since the UK’s historic ‘Brexit’ vote in June of last year. By lunchtime in London, the pound was buying $1.3616, capping a brilliant fortnight in which it has risen from rates close to $1.29. On minor profit taking, the currency settled back at $1.3583, for a weekly gain of 3.1%. View article >

Missile Test Whipsaws Yen and Swiss Central Bank Speaks on Franc

Investors were rattled on Friday morning following the news that North Korea had launched another missile over northern Japan. After traversing the island of Hokkaido, the missile is said to have travelled a further 1200 miles before landing in the Pacific Ocean. The North Korean regime preceded its test with statements that it would “sink” Japan and reduce the United States to “ashes and darkness.” The comments were made in response to new UN sanctions which restrict oil imports and textile exports in the hope of starving the regime of fuel and income. View article >

Singapore Dollar Trades Cautiously but Still Reaches 6-Week High Versus Yen

The Singapore dollar has begun the week cautiously. Against the US dollar, having risen on Friday to a one-year high of 0.7493, the currency of Asia’s ‘Lion City’ conceded some ground on Monday and Tuesday, with SGD/USD falling back below 0.745. A retreat in the pair was likely given last week’s approach to major technical resistance at 0.75 and Hurricane Irma’s last-minute detour which thankfully spared the US from a worst-case impact. View article >

USD/JPY Finally Breaks 108 on Hurricane Irma Concerns

The trading week ended as it began, with investors selling the dollar and seeking the safety of the yen and Swiss franc. This time, rather than North Korea, investors have been unnerved by Hurricane Irma – a potentially deadly storm, likely to reach Florida on Saturday evening, that is expected to cause significant economic damage. Irma’s current maximum wind speed, as measured by an Air Force Hurricane Hunter aircraft, is 155mph (240kph) according to Weather.com – more than enough to break trees in half and tear roofs from buildings. View article >

Asian Currencies Plunge Against CAD After Bank of Canada’s Surprise Rate Hike

To the surprise of many, the Bank of Canada raised interest rates on Wednesday to 1.0%, from 0.75%, which sent currencies in the Asia-Pacific region tumbling against the Canadian dollar. The Bank of Canada had been expected to raise the cost of borrowing again this year, following a quarter-point hike in July, but most analysts had been predicting a move in October. View article >

Mixed Opinions on Yen as Currency Gaps Higher Following North Korea’s “Unprecedented” Test

The Japanese yen gapped higher on Monday morning following the test of a hydrogen bomb this weekend by North Korea. The bomb was described on North Korean state media as being one of “unprecedentedly big power.” With current sanctions against Pyongyang seemingly insufficient, in response to the latest provocation, US President Donald Trump said that Washington was considering cutting “all trade” with “any country” doing business with North Korea. View article >

Data Fails to Lift AsiaPac Currencies

A better than expected Chinese manufacturing PMI failed to lift the yuan or Australian dollar on Thursday morning against a US dollar determined to end the month in the green. The Chinese PMI for the manufacturing sector came in at 51.7 for August, slightly ahead of the market forecast of 51.3 and July’s reading of 51.4. The less important service sector PMI disappointed slightly with its print of 53.5, versus an expectation of 54.5. View article >
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