NEW YORK The dollar was marginally lower on Friday against a basket of currencies, holding above a one-week low as a mixed report on the U.S. jobs market in August reinforced the view of a slowing expansion and chances of more interest rate cuts from the Federal Reserve.
* U.S. hiring slows in August but wages grow faster than expected * Riskier currencies on track for weekly gains * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, Sept 6 The dollar slipped on Friday against a basket of currencies, holding above a one-week low as a mixed report on the U.S. jobs market in August reinforced the view of a slowing expansion and the possibility of more interest rate cuts from the Federal Reserve. Traders now await clues on the Fed's next move after it embarked on its first rate cut since 2008 in July when Fed Chair Jerome Powell participates on a panel about the economy and monetary policy in Zurich, which begins at 12:30 p.m. EDT (1630 GMT). "The jobs data were sufficiently mixed," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC in New York. "The market is not going to change its view of a rate cut later in September." The U.S. Labor Department said private and public employers hired 130,000 workers in July, fewer than the 158,000 forecast among economists polled by Reuters, while hourly wages grew 0.4% last month, a tad faster than the 0.3% increase projected by analysts. Interest rate futures still implied traders positioned for a quarter-point rate decrease at the Fed's Sept. 17-18 policy meeting, according to CME Group's FedWatch program. At 10:06 a.m. EDT (1406 GMT), an index that tracks the greenback against the euro, yen, sterling and three other currencies was 0.19% lower at 98.223 after hitting a one-week low of 98.085 on Thursday. The dollar index is on track for 0.67% decline, its steepest weekly loss since June. The greenback lost ground against its rivals as global tensions receded this week, most notably with China and the United States agreeing to high-level trade talks in October. Safe-haven bids for the dollar abated in response to political opposition to a "no-deal" Brexit and Hong Kong leader Carrie Lam's withdrawal of an expedition bill that triggered months of violent protests. "The world stared into the abyss this week, and it pulled back," Chandler said. Still, global tensions have not dissipated, so there remain some underlying bids for the dollar and yen, he said. The Japanese yen was up 0.18% versus the dollar and up 0.06% against the euro. Meanwhile, riskier currencies are looking at weekly gains with improved investor sentiment. For example, the Australian dollar was up 0.53% at $0.6851, putting it on track for its first weekly increase since mid-July. The Aussie dollar, whose fortunes are tied to the Chinese economy, was bolstered earlier by the People's Bank of China's move to cut banks' reserve requirements for the first time this year. The Chinese currency in the offshore market extended gains and was trading up 0.37% against the greenback at 7.1118 yuan. ========================================================== Currency bid prices at 10:07AM (1407 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1049 $1.1033 +0.15% -3.66% +1.1056 +1.1021 Dollar/Yen JPY= 106.7400 106.9200 -0.17% -3.19% +107.0900 +106.6400 Euro/Yen EURJPY= 117.95 117.98 -0.03% -6.55% +118.2600 +117.8500 Dollar/Swiss CHF= 0.9873 0.9858 +0.15% +0.60% +0.9917 +0.9855 Sterling/Dollar GBP= 1.2312 1.2329 -0.14% -3.49% +1.2343 +1.2287 Dollar/Canadian CAD= 1.3167 1.3227 -0.45% -3.42% +1.3235 +1.3160 Australian/Doll AUD= 0.6850 0.6813 +0.54% -2.82% +0.6853 +0.6808 ar Euro/Swiss EURCHF= 1.0911 1.0877 +0.31% -3.05% +1.0931 +1.0876 Euro/Sterling EURGBP= 0.8972 0.8947 +0.28% -0.13% +0.8986 +0.8946 NZ NZD= 0.6440 0.6373 +1.05% -4.12% +0.6443 +0.6365 Dollar/Dollar Dollar/Norway NOK= 8.9679 9.0067 -0.43% +3.81% +9.0219 +8.9667 Euro/Norway EURNOK= 9.9103 9.9415 -0.31% +0.04% +9.9525 +9.9105 Dollar/Sweden SEK= 9.6033 9.6855 -0.71% +7.13% +9.6936 +9.5998 Euro/Sweden EURSEK= 10.6143 10.6907 -0.71% +3.39% +10.6945 +10.6110 (Reporting by Richard Leong Additional reporting by Saikat Chatterjee in London; Tom Westbrook in Singapore Editing by Larry King and Jonathan Oatis)
NEW YORK The yen slipped on Thursday as global tensions including the U.S.-China trade conflict showed signs of thawing, bolstering investor confidence and reducing demand for safe-haven currencies.
* Dollar's loss limited by encouraging U.S. private jobs data * Pound extends rally on hopes 'no-deal' Brexit is averted * Swedish crown jumps on hawkish signal from Riksbank * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, Sept 5 The yen fell on Thursday as global tensions including the U.S.-China trade conflict showed signs of thawing, bolstering investor confidence and reducing demand for safe-haven currencies. The pound rose to its highest level against the dollar in more than a month on hopes that a no-deal Brexit would be avoided. "Funding currencies are in retreat on a ratcheting down of tensions on a global basis," said Karl Schamotta, director of global markets strategy at Cambridge Global Payments in Toronto. The most notable development was China and the United States agreeing on Thursday to hold high-level talks in early October in Washington. That stoked hopes the world's biggest economies would move toward a deal to resolve their trade differences. Their heated rhetoric and tit-for-tat tariffs have rattled investors and their outlook on the global economy since this summer. At 12:08 a.m. (1608 GMT), the dollar was up 0.53% at 106.975 yen after reaching 107.235 yen, which was its highest level since late July. Against the euro, the yen was 0.57% lower at 118.1 after falling to 118.6, marking a three-week low versus the common currency. The dollar was 0.07% weaker versus a basket of currencies on lower safe-haven demand, but its losses was limited by some encouraging news on the U.S. labor market. "We have relatively robust U.S. employment data that suggest the U.S. is still the consumer of last resort for the world economy," Schamotta said. Payroll processor ADP said U.S. companies hired 195,000 workers in August, which was more than the 158,000 increase that analysts polled by Reuters had forecast. Traders and analysts await the government's monthly payrolls report due at 8:30 a.m. (1230 GMT) on Friday as a confirmation of resilience in the labor market. Sterling continued its rally after British lawmakers approved legislation on Wednesday to extend the Brexit deadline for the third time and rejected Prime Minister Boris Johnson's motion to hold a snap election. The pound was last trading up 0.63% at $1.233, moving further from a three-year low reached on Tuesday. Against the euro, sterling gained 0.54% at 89.54 pence after touching near six-week high of 89.49 pence. Among other major currencies, the Swedish crown jumped after Riksbank, the country's central bank, said it still expected to tighten monetary policy around the turn of the year, surprising markets and sparking big gains in the long-suffering currency. The Swedish crown jumped to a two-week high of 10.6575 against the euro, and also rallied 0.6% against the dollar. ======================================================== Currency bid prices at 12:09PM (1609 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1039 $1.1033 +0.05% -3.75% +1.1084 +1.1018 Dollar/Yen JPY= 106.9600 106.3800 +0.55% -2.99% +107.2200 +106.3300 Euro/Yen EURJPY= 118.10 117.39 +0.60% -6.43% +118.6000 +117.2900 Dollar/Swiss CHF= 0.9865 0.9805 +0.61% +0.52% +0.9873 +0.9806 Sterling/Dollar GBP= 1.2328 1.2250 +0.64% -3.36% +1.2353 +1.2211 Dollar/Canadian CAD= 1.3236 1.3222 +0.11% -2.94% +1.3245 +1.3192 Australian/Doll AUD= 0.6818 0.6796 +0.32% -3.28% +0.6830 +0.6795 ar Euro/Swiss EURCHF= 1.0893 1.0820 +0.67% -3.21% +1.0913 +1.0819 Euro/Sterling EURGBP= 0.8952 0.9005 -0.59% -0.36% +0.9030 +0.8948 NZ NZD= 0.6373 0.6358 +0.24% -5.12% +0.6396 +0.6355 Dollar/Dollar Dollar/Norway NOK= 8.9929 9.0299 -0.41% +4.10% +9.0353 +8.9658 Euro/Norway EURNOK= 9.9265 9.9673 -0.41% +0.21% +9.9681 +9.9254 Dollar/Sweden SEK= 9.6812 9.7316 -0.46% +8.00% +9.7442 +9.6522 Euro/Sweden EURSEK= 10.6892 10.7383 -0.46% +4.14% +10.7541 +10.6650 (Additional reporting by Olga Cotaga in LONDON Editing by Toby Chopra and Tom Brown)
NEW YORK/TORONTO Slowing global economies, the escalating trade war between Washington and Beijing and a warning sign of recession flashing in the U.S. Treasury market have all fed expectations the Federal Reserve is poised to lower rates at the close of its Sept. 17-18 meeting.
NEW YORK The dollar was little changed on Tuesday against a basket of currencies, underpinned by safe-haven demand on worries about U.S.-China trade tensions and a chaotic British exit from the European Union.
* Pound recovers after dropping below $1.20 on Brexit jitters * Dollar index hits highest level since May 2017 * U.S. factory sector contracts for first time since 2016 - ISM * U.S. Treasury yields fall toward recent mid-2016 low * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, Sept 3 The dollar climbed on Tuesday to its strongest level in over two years against a basket of currencies as traders favored the greenback on worries about U.S.-China trade tensions and a chaotic British exit from the European Union. The dollar's initial gains abated in the wake of a private report that showed the U.S. manufacturing sector recorded its first monthly contraction since 2016 in August. Last month's steeper-than-expected decline in the factory activity index from Institute for Supply Management also touched off a rally in the U.S. bond market, sending benchmark 10-year yields to their lowest levels since July 2016. "This is a safe-haven trade rather than a rate-differential trade," said Steven Englander, global head of G10 FX research at Standard Chartered in New York. Bloomberg News reported that Chinese and U.S. officials are struggling to agree on a schedule for a round of trade negotiations that had been expected this month. UK Prime Minister Boris Johnson lost his working majority in parliament when one of his Conservative lawmakers defected to the pro-European Union Liberal Democrats. At 11:44 a.m. (1544 GMT), an index that tracks the dollar versus six major currencies was up 0.11% at 99.022. It hit 99.37 earlier Tuesday, which was its highest since May 2017. The euro stabilized after tumbling to a 28-month low against the dollar earlier Tuesday as investors priced in deeper negative interest rates for longer in the euro zone. Money markets have increased to more than 80% the probability that the European Central Bank will cut its benchmark rate by 20 basis points when it meets next week. The ECB benchmark rate now stands at minus 0.40% and it has all but promised a monetary policy stimulus package as economic growth falters. Monday's PMI survey showed European manufacturing contracted for seven straight months. The euro was little changed on the day at $1.09645. It fell to $1.0926 earlier, its lowest since mid-May 2017. A break below the key $1.1000 level last week had sparked heavier sell-offs. The dollar weakened against the yen and the Swiss franc in the aftermath of disappointing ISM manufacturing data. The greenback fell 0.37% to 105.87 yen and decreased 0.31% to 0.98735 franc. Sterling was last up 0.2% at $1.2087 after falling to $1.1959, the lowest since October 2016, when it plunged to $1.1491 in a flash crash. Against the euro, sterling rose to 90.7 pence, rebounding from a two-week low of 91.47 pence . ======================================================== Currency bid prices at 11:43AM (1543 GMT) Description RIC Last U.S. Pct Change YTD Pct High Bid Low Bid Close Change Previous Session Euro/Dollar EUR= $1.0964 $1.0966 -0.02% -4.40% +1.0978 +1.0927 Dollar/Yen JPY= 105.8700 106.2100 -0.32% -3.99% +106.3800 +105.7500 Euro/Yen EURJPY= 116.07 116.49 -0.36% -8.04% +116.5600 +115.8800 Dollar/Swiss CHF= 0.9874 0.9905 -0.31% +0.61% +0.9928 +0.9865 Sterling/Dolla GBP= 1.2090 1.2066 +0.20% -5.23% +1.2102 +1.1959 r Dollar/Canadia CAD= 1.3331 1.3325 +0.05% -2.24% +1.3382 +1.3323 n Australian/Dol AUD= 0.6756 0.6713 +0.64% -4.16% +0.6758 +0.6688 lar Euro/Swiss EURCHF= 1.0828 1.0866 -0.35% -3.79% +1.0869 +1.0821 Euro/Sterling EURGBP= 0.9067 0.9091 -0.26% +0.91% +0.9148 +0.9052 NZ NZD= 0.6323 0.6306 +0.27% -5.87% +0.6326 +0.6270 Dollar/Dollar Dollar/Norway NOK= 9.1054 9.1003 +0.06% +5.38% +9.1632 +9.0986 Euro/Norway EURNOK= 9.9833 9.9832 +0.00% +0.78% +10.0213 +9.9790 Dollar/Sweden SEK= 9.8420 9.8274 +0.13% +9.80% +9.8934 +9.8239 Euro/Sweden EURSEK= 10.7937 10.7799 +0.13% +5.16% +10.8225 +10.7709 (Reporting by Richard Leong; Additional reporting by Olga Cotaga in LONDON Editing by Frances Kerry and Lisa Shumaker)
NEW YORK U.S. Treasury yields rose on Thursday with 30-year yields climbing from record lows, as hopes on U.S.-China trade talks and a dismal seven-year note auction cooled the recent torrid rally in the bond market.
More investors are warming to the idea of owning a U.S. Treasury bond that matures beyond 30 years, but most still prefer the U.S. Treasury Department to roll out a 20-year security over an ultra-long issue, a J.P. Morgan survey showed on Thursday.
Hong Kong police checked people travelling to the city's international airport for passports and air tickets on Saturday, preventing protesters gathering for another "stress test" of road and rail links in the Chinese-ruled city.