Forex – Dollar Hovering Near 2-Week Highs, Sterling Edges Up

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was hovering near two-week highs against a currency basket on Monday as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.

The , against a basket of six major currencies was at 98.05 by 03:01 AM ET (07:01 GMT), not far from the two-week high of 98.20 reached on Friday.

The stood at 1.57%, having pulled away from a three-year trough of 1.47% marked last week in the wake of global slowdown fears.

Falling yields last week caused the two-year/10-year Treasury curve to invert for the first since 2007, a phenomenon widely regarded as a recession signal that puts the Federal Reserve interest rate deliberations into focus.

“This week’s main event is the Jackson Hole symposium and Fed Chairman (Jerome) Powell’s speech,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

Powell will deliver a speech on Friday at an annual meeting of central bankers in Jackson Hole, Wyoming.

“What Powell has to say is in focus as the discrepancy remains between what he said on interest rates and what the markets have come to expect the Fed will do,” Ishikawa said.

Powell said after the Fed lowered rates in July that the easing was not the start of a series of cuts. But market expectations for the Fed to cut rates by another 25 basis points at the next policy meeting in September have increased.

The was steady at 1.1092 while the edged up 0.15% to 1.2166.

The dollar was little changed against the at 106.37.

The was slightly lower after U.S. President Donald Trump said he was not ready yet to make a trade with China.

Traders were also cautious ahead of the debut of China’s new benchmark lending rate on Tuesday, which was announced at the weekend.

The People’s Bank of China on Saturday unveiled interest rate reforms to help lower borrowing costs for companies and support slowing growth, which has been hit by the trade war with the U.S.

–Reuters contributed to this report

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CHP officer killed and 2 wounded in shootout near L.A.-area freeway

Riverside, Calif. – One officer is dead, another in critical condition and a third has minor injuries after a shootout Monday that also killed the gunman, authorities said. Dozens of gunshots were fired near Interstate 215 in Riverside, east of Los Angeles.

CHP Assistant Chief Scott Parker told reporters at a Monday night news conference an officer who pulled over a white GMC pickup truck was filling out impound paperwork when the driver pulled a rifle of unknown caliber from the truck and began firing.

The officer was wounded but managed to call for help. He was airlifted to a hospital but succumbed to his wounds.

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Authorities said CHP officers, Riverside police and sheriff’s deputies arrived and continued trading gunfire, with the suspect taking cover in the front of the pickup. Two other CHP officers were hit before the gunman was killed.

chp-gun-battle-081219.jpg
Officers in shootout near Riverside, Calif. freeway on August 12, 2019 CBS Los Angeles

Police withheld the shooter’s name and said they don’t have a motive for the attack. It wasn’t clear why the car was stopped.

California Gov. Gavin Newsom extended his condolences via Twitter:

Riverside Police Chief Sergio Diaz told reporters officers’ body cam video and civilian eyewitness accounts would be part of the investigation of the shooting. “It was a long and horrific gun battle,” he said.

Video from the scene shows bullet holes in the front windows of two patrol cars and large holes blown in their back windows. What appeared to be an assault-style rifle was on the ground.

Two civilians were hurt – one was in another car and hit by flying glass that caused minor injuries, authorities said. The other civilian’s injuries also were minor.

Jennifer Moctezuma, 31, of Moreno Valley told the Los Angeles Times that she was driving home with her 6-year-old twins when a bullet flew through her front windshield.

Charles Childress, 56, a retired Marine from Moreno Valley, was in the car behind her.

He led the family as they crawled to the bottom of a bridge to hide and none were harmed, the Times reported.

“He’s my hero,” Moctezuma said.

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Forex – Pound Recovers Slightly; Yuan Near Flat After PMI Data, Trade News

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Investing.com – The British pound recovered slightly on Wednesday in Asia after falling to near two-year lows in the previous session amid the increasing likelihood of a disruptive Brexit on October 31.

The pair inched up 0.1% to 1.2155 by 12:30 AM ET (04:30 GMT).

Incoming Prime Minister Boris Johnson reiterated earlier this week that he would not meet with other European leaders unless they first agreed to remove the contentious “Irish backstop” provisions from the Withdrawal Agreement negotiated by his predecessor, Theresa May.

Johnson also said he wants to take the U.K. out of the European Union (EU) in October regardless of whether or not there is a deal by then.

Meanwhile, EU officials continued to insist that the Withdrawal Agreement – which has been rejected three times by the U.K.’s parliament – won’t be reopened.

The pair was little changed at 6.8812.

Negative news on the Sino-U.S. trade development were in focus.

In a tweet overnight, U.S. President Donald Trump accused China of not purchasing more U.S.-made agricultural products as promised.

Trump said on Twitter: “The problem with them waiting … is that if & when I win, the deal that they get will be much tougher than what we are negotiating now … or no deal at all.”

The Global Times, China’s state-owned media, said the U.S. must show “sincerity” in trade talks to ease tensions between the two sides, adding that the U.S. side should hold “reasonable expectations” after making “unrealistic demands that infringe upon China’s sovereignty and dignity”.

“If Washington still holds the illusion that Beijing will somehow cave in and compromise on issues concerning sovereignty and other related core interests to reach a deal, then no deal is fine,” the article said.

On the data front, China’s in July came in at 49.7, higher than the forecasted 49.6 and June’s 49.4. for the month was at 53.7, lower than the expected 54.0 and last month’s 54.2.

The safe-haven yen was also near flat despite falling stock markets in Asia today. The pair last traded at 108.56, down 0.02%.

The that tracks the greenback against a basket of other currencies was unchanged at 97.817.

The pair rose 0.3%, while the pair fell 0.2%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – U.S. Dollar Near Flat Ahead of Fed; Sino-U.S. Trade Talks in Focus

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was near flat on Monday in Asia as traders remained cautious ahead of the highly anticipated U.S. Federal Reserve decision due later this week.

Policymakers are widely expected to deliver their first rate cut in more than a decade amid concerns over slowing growth and subdued inflation.

The central bank has faced repeated criticism from President Donald Trump over its rate increases and the ongoing reduction of its balance sheet. Trump believes the measures are holding back growth.

The U.S. Dollar that tracks the greenback against a basket of other currencies was little changed at 97.722 by 11:35 AM ET (03:35 GMT).

The greenback was near two-month highs last week. Last Friday, data showed U.S. grew at a 2.1% annualized rate in the second quarter, weaker than the 3.1% pace in the first quarter but stronger than the 1.8% forecast by economists.

Looking ahead, U.S. job report for July is due later this week. Analysts expect the economy to add 160,000 jobs, slowing from 224,000 in June. The unemployment rate is expected to tick down to 3.6%.

The pair was down 0.1% to 1.2370. The pound has now fallen more than 5% against the U.S. dollar since May, largely on fears of a no-deal Brexit.

The Bank of England is expected to keep rates on hold at its meeting on Thursday.

The pair slipped 0.1%. The Bank of Japan is expected to hold rates unchanged on Tuesday when it meets. Governor Haruhiko Kuroda’s briefing will follow the meeting on the same day.

Meanwhile, the pair gained 0.2% to 6.6911. Chinese and U.S. officials will meet on Tuesday for two days of trade talks, according to reports. It is suggested neither side is expecting much hope for a breakthrough. Vice Premier Liu He is expected to lead the talks for China.

The talks will come after a truce reached by President Donald Trump and Chinese leader Xi Jinping on the sidelines of the G-20 summit Japan in June.

“There is still a huge gap between the two sides on key sticking points,” said Robin Xing, chief China economist at Morgan Stanley (NYSE:) in Hong Kong, in a Bloomberg report. “So far there is still no clear path toward a comprehensive deal.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – Pound Slips, Euro Remains Near 2-Month Lows Ahead of ECB Policy Meeting

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Investing.com – The euro remained near 2-month low against the U.S. dollar on Thursday in Asia ahead of the European Central Bank’s (ECB) policy meeting due later in the day.

The pair was little changed at 1.1136 by 1:04 AM ET (05:04 GMT).

Some traders expect dovish guidance from the central bank, which paves the way for easing in September.

The euro is now down about 2% in July on speculation of an ECB easing amid continuing concerns surrounding the Sino-U.S. trade war.

Meanwhile, data that showed Germany’s manufacturing sector contracted at the quickest pace in seven years and French business growth has also unexpectedly slowed also sent the euro lower.

Meanwhile, the pair slipped but was off session lows. Boris Johnson on Tuesday won the contest to be the next British prime minister and raised concerns of a no-deal Brexit.

The pair inched up 0.1% to 6.8753. PBOC sets USD/CNY reference rate for Thursday trade at 6.8737 versus Wednesday’s 6.8860.

The that tracks the greenback against a basket of other currencies was unchanged at 97.460. Officials from the U.S. and China will resume in-person trade talks in Beijing as soon as next week, Treasury Secretary Steven Mnuchin said.

“I would say there are a lot of issues,” Mnuchin said. “My expectations is this will be followed up with a meeting back in D.C. after this and hopefully we’ll continue to progress.”

The pair slipped 0.1% to 108.08.

The pair and the pair also slipped 0.1%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Euro stuck near two-month low as markets brace for dovish ECB

By Stanley White

TOKYO (Reuters) – The euro was mired near a two-month low on Thursday ahead of a European Central Bank meeting that could signal monetary easing as growth in the currency zone falters.

Sentiment toward the single currency took a blow after data showed Germany’s manufacturing sector contracted at the fastest pace in seven years while French business growth unexpectedly slowed, sending European bond yields lower.

In Asia, emerging currencies edged lower after North Korea fired two short-range missiles into the sea early on Thursday, diminishing appetite for riskier assets in the region.

However, investor focus in Asia remains predominantly on global central bank and political developments, particularly in Europe and the United States.

Sterling held onto gains it made since Boris Johnson took office as Britain’s new prime minister on Wednesday, but investors are still wary of a no-deal Brexit in which Britain would leave the European Union without a trade agreement.

The dollar found support after U.S. Treasury Secretary Steven Mnuchin said he would not advocate for a weaker currency.

Investor focus shifts to the ECB’s meeting later on Thursday and a widely expected interest rate cut from the U.S. Federal Reserve next week, which are both expected to dictate the tempo for currencies and bond yields in coming months.

“I see more downside for the euro, because there are no good signs coming from Europe at the moment,” said Tsutomu Soma, general manager of fixed income business solutions at SBI Securities in Tokyo.

“Don’t expect European bond yields to rise anytime soon. The U.S. is headed toward lower rates, which used to be a supportive factor for the euro, but that is no longer the case.”

The common currency () traded at $ 1.11415 after touching $ 1.11270, its lowest since May 31.

The euro has fallen 2.0% so far this month on increased speculation the ECB would join other central banks in easing policy as a trade war between the United States and China weakens the global economy.

Traders see a 48% probability that European policymakers will lower a key deposit rate by 10 basis points to minus 0.50%, according to interest rate swaps.

If the ECB keeps policy on hold Thursday, economists say President Mario Draghi could flag a rate cut for the next policy meeting in September.

The Ifo institute will release its closely-watched index of German business sentiment later on Thursday, which will provide further clues about the health of Europe’s largest economy.

Sterling was a shade higher at $ 1.2484, staging a modest recovery from a 27-month low of $ 1.2382 reached last week.

Johnson promised in his first speech as prime minister to lead Britain out of the EU on Oct. 31 with “no ifs or buts” and warned there would be a no-deal Brexit if the bloc refused to negotiate.

The dollar traded at 108.200 yen , near a one-week high of 108.290 yen.

Mnuchin told CNBC in an interview the United States benefits from the greenback’s standing as the world’s reserve currency.

The dollar was also supported by a White House statement that top U.S. negotiators will meet their Chinese counterparts in Shanghai starting July 30.

The world’s two-biggest economies are seeking a resolution to their bruising trade war.

The (), which measures the greenback against six major currencies, stood at 97.701 after touching an eight-week high of 97.810 on Wednesday.

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USD/JPY into positive territory as US stocks near record

USD/JPY to take a look at yesterday’s high

USD/JPY to take a look at yesterday's high

USD/JPY has erased today’s loss as equity markets grind higher. The S&P 500 opened 10 points lower but has steadily battled back and is now up 12 points to 3017 — just shy of the all-time record.

 

Watch out for stops in stocks and USD/JPY if they both break higher.

stocks

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Forex – U.S. Dollar Rises on Retail Sales Data; Pound Near Two-years Low

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Investing.com – The U.S. dollar rose on Wednesday in Asia on the back of the release of strong retail sales data, while the pound traded near two-years low on Brexit concerns.

The , which measures the greenback’s strength against a basket of six major currencies, gained 0.4% to 96.922 by 1:24 AM ET (05:24 GMT).

Retail sales rose 0.4% in June, the Commerce Department reported on Tuesday, compared to expectations for a slight gain of 0.1%.

The stronger-than-expected retail sales showed the economy was healthy and tempered expectations of aggressive policy easing by the Federal Reserve later this month.

Meanwhile, the pound inched up 0.1% against the U.S. dollar but still traded near its lowest level in two years amid concerns of a no-deal Brexit.

Both Prime Minister candidates Jeremy Hunt and Boris Johnson have voiced their opposition to an Irish backstop agreement, making it even more likely that the U.K. will leave the European Union on Oct. 31 without a deal.

The pair last traded at 1.2415, up 0.1%.

Weak economic data and reports the Bank of England could cut interest rates instead of raising them as previously expected were also cited as headwinds for the pound.

“The euro has been weighed by the long struggling pound, which in turn is likely to suffer from Brexit-related woes until the Conservative party leader is decided next week,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

The pair slipped 0.1% after U.S. President Donald Trump said it is still a long way to go before Washington and Beijing could reach a trade deal.

The Aussie dollar is sensitive to the economic developments of China, Australia’s largest trading partner.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Bitcoin near two-week highs, fueled by hopes for Facebook’s Libra

© Reuters. A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture © Reuters. A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture

By Tom Wilson

LONDON (Reuters) – held on Tuesday near its highest for two weeks after surging as much as 9% overnight, a move analysts said was probably driven by hopes that cryptocurrencies are gaining wider acceptance after Facebook (NASDAQ:) disclosed plans for a digital coin.

Bitcoin touched $ 12,833 overnight on the Bitstamp exchange (), its highest since June 27, before pulling back. It was last up 2.2% at $ 12,560.

The biggest cryptocurrency has gained over 45% since Facebook laid out plans last month for its Libra coin, sparking renewed optimism that cryptocurrencies will gain mainstream acceptance among companies and individual users.

“What we have seen in bitcoin over the last couple of weeks is still very linked to Libra,” said Craig Erlam, senior market analyst at OANDA. “People allude to the idea that bitcoin is a more mature industry than previously.”

Bitcoin remains highly volatile. It has gained nearly 240% this year after slumping by three-quarters last year.

Analysts pointed to other data points that suggested usage of bitcoin is growing. Peer-to-peer exchange of bitcoin – a proxy for non-speculative usage – is at its highest for nearly eight months, said Mati Greenspan of eToro.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – U.S. Dollar Slips After Rising to Near Three-Week High on Jobs Report

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Investing.com – The U.S. dollar slipped on Monday in Asia after jumping to a three-week high on a better-than-expected jobs report that dampened expectations the U.S. Federal Reserve will cut rates aggressively to combat a slowing economy.

Nonfarm payrolls rose by 224,000 in June, well above consensus expectations for 160,000 and a sharp rebound from a downwardly-revised 72,000 in May.

The data boosted the greenback on Friday and sent the U.S. currency to a three-week high of 96.968, before giving up some of its gains today.

The last traded at 96.792 by 1:23 AM ET (5:23 GMT), down 0.1%.

The solid data reduced chances of a Fed rate cut at the end of July. Previously, traders expected the central bank to cut rates by 25 basis points in July and a total of three rate cuts this year to mitigate the effects of the U.S.’s various trade disputes.

The pair was little changed at 1:1227. Data last week showed that German industrial orders fell far more than expected in May.

The country’s Economy Ministry also warned that this sector will likely remain weak in the coming months.

The pair inched down 0.1% to 108.31. The Cabinet Office reported that the country’s core orders fell 7.8% in May from the previous month.

The reading compared with an expected decline of 4.7% and followed a 5.2% rise in April.

Separately, Bank of Japan (BOJ) Governor Haruhiko Kuroda said he expects the country’s economy to grow moderately and gradually push inflation toward the central bank’s 2% target.

“The BOJ will make necessary policy adjustments to sustain the economy’s momentum towards achieving its inflation target,” Kuroda said in a speech on Monday.

The pair traded 0.2% higher to 0.6990.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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