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IMF criticises UK policy Bank of England to response The International Monetary Fund openly criticised Britain’s new economic strategy on Tuesday, following another slide in bond markets that forced the Bank of England to promise a “significant” response to stabilise the economy. Pressure piled on new finance minister Kwasi Kwarteng to reassess his policy, which…
The U.S. dollar jumped to a new 20-year high against a basket of currencies on Thursday, extending gains after the Federal Reserve raised interest rates and struck a more hawkish than expected tone in its latest meeting. The dollar index rose as much as 1% to 111.47, its highest level since June 2002, while dollar…
The dollar was lord of all it surveyed on Wednesday, at a fresh 24-year peak on the yen and retesting a 20-year high on the euro after U.S. economic data reinforced the view that the Federal Reserve would maintain aggressive policy tightening. Economic jitters elsewhere, pushing investors to safety, also supported the U.S. currency. The…
Oil prices dropped on Thursday, as investors were worried that aggressive interest rate hikes from global policymakers would slow economies and dent fuel demand, while renewed restrictions to curb COVID-19 in China also added pressure. Brent crude futures fell 53 cents, or 0.6%, to $95.11 a barrel by 0454 GMT. U.S. West Texas Intermediate (WTI)…
Most Asian currencies rose slightly on Thursday, benefiting from weakness in the dollar as traders awaited more cues on monetary policy from Federal Reserve Chair Jerome Powell this week. The South Korean won rose the most among its Asian peers, adding 0.3% after the Bank of Korea raised interest rates as expected. But the won…
Asian shares fell on Thursday, tracking Wall Street’s losses as the U.S. Federal Reserve looked set to maintain its path of interest rate hikes, although signs it may be less aggressive in tightening gave investors some cause for hope. The dollar rose overnight after the Fed’s July minutes pointed to a steady course of rate…
Oil prices drifted lower on Thursday after gaining more than $1 in the previous session, as concerns over supply disruptions eased and markets looked for evidence of improving fuel demand. Brent crude futures dipped 7 cents, or 0.1%, to $97.33 a barrel by 0642 GMT, while U.S. West Texas Intermediate crude futures fell 9 cents,…
The dollar dropped to a three-week low versus the yen on Thursday after Federal Reserve Chair Jerome Powell assuaged investors’ worries about continued aggressive monetary tightening. The U.S. currency sank as low as 135.105 yen, its weakest since July 6 after the Fed raised the benchmark rate by an as-expected 75 basis points to bring…
The U.S. dollar edged higher in early European trade Friday but remained below its recent two-decade peak after expectations of a huge interest rate hike in July receded. At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 108.528, after climbing…
Oil was up on Thursday morning in Asia as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories. Brent oil futures rose 0.36% to $112.84 by 01:45 AM ET (0545 GMT) and crude oil WTI futures jumped 0.22% to $110.02. Wednesday’s U.S. crude supply data from the U.S. Energy Information…
Oil prices slipped on Friday and were heading for a second weekly fall, as tight supply was overshadowed by concern that rising interest rates could push the world economy into recession. U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank’s focus on curbing inflation was “unconditional,” adding to fears about more interest…
European markets rallied on Wednesday on news the European Central Bank would hold an emergency meeting on the recent bond market sell-off ahead of what is expected to be the most aggressive rise in U.S. interest rates since 1994. Hopes of a quiet run in to what is forecast to be a three-quarter point hike…
The yen hit a fresh 20-year low versus the dollar on Wednesday and slipped to a seven-year trough against the euro as traders awaited a European Central Bank meeting likely to leave Japan alone among its peers in sticking to ultra easy monetary policy. The ECB meets on Thursday and markets are expecting it…
HSBC Holdings (NYSE:HSBC) plans to invest more than 3 billion yuan($448 million) in its China operations, Chief Executive Noel Quinn told state news agency Xinhua, saying he sees challenges for the economy but also opportunities for investment. Quinn said the investment would be carried out over a five-year period running until 2025 without specifying the…
Gold prices dropped on Wednesday as the dollar firmed, while investors awaited minutes from the U.S. Federal Reserve’s May policy meeting for cues on the magnitude of the central bank’s upcoming interest rate hikes. Spot gold was down 0.5% at $1,857.39 per ounce, as of 0636 GMT, after rising to its highest since May 9…
Oil prices eased on Tuesday as Hungary resisted a European Union push for a ban on Russian oil imports, a move that would tighten global supply, and as investors took profits following a recent rally. Brent crude futures fell 22 cents, or 0.2%, to $114.02 a barrel by 0327 GMT, while U.S. West Texas Intermediate…
The Bank of Japan has no plan to allow long-term interest rates to move more widely around its 0% target to stem sharp falls in the yen, a central bank executive said on Tuesday, saying such a move would be tantamount to a rate hike. The BOJ currently offers to buy unlimited amounts of 10-year…
The dollar was down on Tuesday morning in Asia, with the Fed widely expected to further tighten its monetary policy as it begins its two-day meeting. The U.S. Dollar Index that tracks the greenback against a basket of other currencies was down 0.29% to 103.23 by 2:04 AM ET (6:04 AM GMT). It held just…
The dollar stood at its highest level since the early days of the pandemic on Wednesday and was heading for its best month since 2015, supported by the prospect of U.S. rate hikes and on safe-haven flows fanned by slowing growth in China and Europe. Fears for Europe’s energy security pushed the euro to a…
Japanese Finance Minister Shunichi Suzuki said on Tuesday the damage to the economy from a weakening yen at present is greater than the benefits accruing to it, making the most explicit warning yet against the currency’s recent slump versus the dollar. The yen’s fall has worsened imported inflationary pressures in Japan amid a spike in…