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Japanese Yen recovers from two-month low as BoJ rate hike bets meet intervention risk
The USD/JPY pair attracts some sellers during the Asian session on Thursday, snapping a two-day winning streak to its highest level since early September, around the 160.00 psychological mark touched the previous day.
BoJ's Asada says must be mindful of expected effect of past rate increases on economy
Bank of Japan (BoJ) board member Toichiro Asada said on Thursday that the central bank must be mindful of expected effect of past rate increases on economy. Asada added that underlying inflation fluctuates around levels consistent with BoJ's price target.Â
United Kingdom inflation: Deutsche Bank sees further upside
Deutsche Bank economists Sanjay Raja and Maui Brennan expect UK inflation to move higher in October, driven by energy, tobacco and modest food and services gains. They forecast headline CPI at 3.80% year-on-year, with Core CPI and Services CPI also rising. Looking ahead, they see headline CPI pushing closer to 4.25% early next year, with price pressures remaining sticky.
Canadian Dollar remains steady as hawkish Fed bets keep US Dollar stable
USD/CAD holds steady around 1.4250 during Thursday's Asian trading session after posting two consecutive days of gains. Despite the pause, the pair could resume its upward climb as the US Dollar (USD) may draw strength from an increasingly hawkish Federal Reserve (Fed) policy outlook.
PBOC sets USD/CNY reference rate at 6.7174 vs. 6.7191 previous
The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 6.7174 compared to the previous day's fix of 6.7191 and 6.6797 Reuters estimate.
Japan’s Mimura says forex fluctuations are too rapid
Japan's top currency diplomat Atsushi Mimura said on Thursday that recent currency moves, including those of the past few days, are too rapid.Â
WTI declines as US, Iran avoids further escalation amid rising OPEC+ output
West Texas Intermediate (WTI) oil price extends it losses for the fifth consecutive day, trading around $85.00 per barrel during Asian hours on Thursday.
British Pound steadies above 1.3250 as traders await UK GDP data
The GBP/USD pair holds steady around 1.3275 during the early Asian session on Thursday. Traders continue to assess the monetary policy path from the Bank of England (BoE) and the US Federal Reserve (Fed).
Iran says Strait of Hormuz will remain closed until leader of the revolution orders
Iranian Armed Forces Deputy Chief of Staff Brigadier General Kioumars Heidari said that Tehran has closed the Strait of Hormuz and will not open it except by the order of the leader of the revolution, Al Jazeera reported on Wednesday.
US Dollar: Supportive fundamentals offset deficit worries – Rabobank
Rabobank’s FX Strategy team argues that reduced fears of political interference at the Federal Reserve and evidence of renewed safe-haven demand support the Dollar. The bank notes that concerns over the US budget deficit and treasury market stresses could weigh on the Dollar over the medium term, but concludes that last year’s Dollar debasement fears were exaggerated.
BoE’s Greene says it is appropriate to proactively tighten our monetary policy stance
Bank of England's (BoE) Monetary Policy Committee (MPC) member, Megan Greene, said on Wednesday that it was appropriate to "proactively tighten ‌our monetary policy stance" to ward against the risk of wage growth getting stuck at higher levels and firms passing those costs on.
Gold falls below $4,000 as Fed rate hike bets grow
Gold price (XAU/USD) tumbles to near $3,985 during the early Asian session on Thursday. The precious metal extends its downside as persistent inflation forces the US Federal Reserve (Fed) to maintain its tightening policy.
Australian Dollar dips under 0.6850 as Fed-RBA policy divergence widens
The Australian Dollar lost 0.27% against the US Dollar on Wednesday as market participants priced in further Federal Reserve tightening, amid a light economic docket in Australia and the US. The AUD/USD trades below 0.6850.