The yen hit five-month highs against the dollar, euro and sterling, as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favour.
- Japanese Yen Strengthens, Breaking Below 110 Per Dollar – Bloomberg
- Japanese Yen Soars on Geopolitical Tensions – Wall Street Journal (subscription)
The dollar languished at a five-month low versus the yen, as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favour.
Sterling rose to a week’s high against a broadly weaker dollar as investors awaited data on the UK’s labour market to further gauge the health of Britain’s economy as it leaves the European Union.
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Currencies traders are bracing for a jolt of tumult that may stem from the French election, with implied volatility for the euro-dollar pair shooting to its highest level since before the June Brexit vote that shook global markets.
The onshore renminbi remained stronger than the offshore renminbi, holding the two rates back in their traditional positions after months of the reverse.
A top outside adviser to President Donald Trump said the US probably won’t name China a currency manipulator in a report due this month, a move that would break a key campaign promise and another sign of capitulation on the administration’s tough trade talk.
Most Asian currencies rose as investor concerns eased about simmering geopolitical tensions though caution towards risky assets prevailed in the market.
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The rupee’s recent surge, uninterrupted by any strong central-bank intervention, has left traders and strategists asking one question: Has the Reserve Bank of India changed its stance on currency management?
Nigeria’s central bank said it sold $100 million in spot sales to small and medium-size enterprises (SMEs) as part of a move to inject liquidity into the official market.
The UK and the European Union should strike a deal that offers both sides access to each other’s markets and goes beyond the option of regulatory equivalence, according to an advisory group set up by bank lobbying bodies.
The EU’s top markets supervisor has warned that he needs tougher powers to police the risks created by asset managers and other investment firms relocating to the continent after Brexit.
In February, Trump issued an executive order requiring Treasury Secretary Steve Mnuchin to consult with US regulators and submit a report outlining a proposal for possible regulatory and legislative changes that would help fuel economic growth and promote American business interests.
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China’s central bank has been quietly boosting its policy independence and regulatory reach as it seeks to contain risks to the financial system, policy insiders said, to help ensure stability ahead of a five-yearly leadership team transition this year.
Catherine Flax has left her role as managing director, head of commodities, FX and local markets, Americas, at BNP Paribas.
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Forex markets in the Asia Pacific region heated up as investors sought safety in Japan’s yen, South Korea’s won weakened amid geopolitical tensions and the duelling exchange rates for China’s renminbi suggested renewed expectations of weakness.
Latin American stocks and currencies fell as ballooning geopolitical concerns drove investors away from high-yielding assets.
The Canadian dollar closed unchanged against the greenback, failing to lock in a fresh one-week high as risk aversion offset higher oil prices in rangebound trading ahead of a Bank of Canada interest rate decision.