08242016Wed
Last update: Wed, 24 Aug 2016 03pm

Asia

Markets - FXMM - Asia

Pound slips on central bank's post-Brexit stimulus TOKYO: The pound dropped below $1.30 in Asia on Tuesday as the Bank of England's post-Brexit interest rate cut and surprise stimulus weighed on the unit.Sterling fell for its fifth day after the central bank last week voted to reduce rates to a record low 0.25 percent, cutting borrowing costs for the first time in more than seven years.The central bank also announced £170-billion ($221-billion, 199-billion-euro) stimulus package, which it added could be expanded further. The aggressive moves come in response to fears that Britain's vote in June to quit the European Union would hammer the economy.The pound tumbled to 30-year lows in the aftermath of the shock referendum result.In Tokyo on Tuesday, the unit bought $1.2998 after earlier touching $1.2978, its lowest since mid July. It was at $1.3040 in New York on Wednesday."We could see some short-term weakness in the pound," Janu Chan, a senior economist in Sydney ...

Markets - FXMM - Asia

Dollar holds upper hand after stellar US jobs data TOKYO: The dollar strengthened against the yen on Monday, extending its gains after strong U.S. job figures bolstered expectations of faster economic growth and raised the probability of a Federal Reserve interest rate increase this year.Nonfarm payrolls rose by 255,000 jobs in July, way above economists' median forecast of an increase of 180,000 while payroll growth in June was also revised up to 292,000, with hiring across sectors in the economy.Against the yen, the dollar ...

Markets - FXMM - Asia

Yuan weakens as poor trade data weighs on sentiment SHANGHAI: China's yuan weakened on Monday as trade data showed both imports and exports for the world's second largest economy fell significantly faster than economists had expected.The spot market opened at 6.6610 per dollar and was changing hands at 6.6595 at midday, 90 pips away from the previous close and 0.03 percent away from the central bank's midpoint. The spot rate is currently allowed to trade with a range 2 percent above or below the ...

Markets - FXMM - Asia

Solid US jobs data weigh on Asia FX; carry interest remains SINGAPORE: Most emerging Asian currencies slid on Monday as strong US jobs data slightly raised expectations of a Federal Reserve interest rate hike this year, while sustained appetite for higher yields in the region limited their losses.The South Korean won, however, turned higher after a Standard & Poor's sovereign rating upgrade.China's yuan fell as trade data showed both imports and exports for the world's second largest economy fell faster than economists had expected.The Thai baht ...

Markets - FXMM - Asia

South Korean won reverses on S&P's credit rating upgrade, stocks up SEOUL: The South Korean won changed course and ended higher on Monday after Standard and Poor's raised the country's long-term sovereign credit rating to AA from AA-minus with a stable outlook.The won was quoted at 1,108.3 to the dollar at the conclusion of onshore trade, up 0.2 percent compared to Friday's close of 1,110.4.South Korean shares extended gains on foreign stock purchases, with the Korea Composite Stock Price Index (KOSPI) ending at 2,031.12 points, up ...

Markets - FXMM - Asia

Taiwan dollar hits strongest intraday level vs US dollar since Aug 2015 TAIPEI: The Taiwan dollar traded at its strongest intraday level against the US dollar in nearly 13 months on Friday after the Bank of England cut interest rates to next to nothing and unleashed billions of pounds of stimulus to cushion the economic shock from Britain's vote to leave the European Union. At 0606 GMT, the local currency hit T$31.554, a level not seen since Aug. 11, 2015.Copyright Reuters, 2016 ...

Markets - FXMM - Asia

China's yuan slips on global dollar strength, sentiment stable on central bank support SHANGHAI: China's yuan weakened on Friday as the dollar rebounded globally for a second day, but traders said sentiment towards the Chinese currency remained stable after the central bank had intervened to support it."Dollar demand remains strong, but state banks have been continuously offering dollar liquidity on behalf of the central bank of late," said a senior dealer at a European bank in Shanghai."Still, the central bank appears to be intervening in trade less this ...