05022016Mon
Last update: Mon, 02 May 2016 06am

Asia

Markets - FXMM - Asia

Yen dips against dollar as Tokyo warns over strength TOKYO: The yen on Friday gave up some of this week's strong gains against the dollar as a government official warned about the impact of its rally, which is threatening to damage Tokyo's efforts to kickstart the economy.The Japanese currency has soared to 17-month highs since Monday as worries about the global economy send dealers rushing for the safe haven, while the prospect of US interest rates remaining low for some time has also led to a shift from the dollar.A strong currency is damaging for Japan's exporting giants such as Toyota and Sony as it makes their goods more expensive overseas and hits their repatriated profits.On Friday top government spokesman Yoshihide Suga told a regular news briefing its rise was "one-sided" , adding that "excess volatility and disorderly movements in exchange rates can have adverse implications".He went on to say: "The government is monitoring the foreign exchange market closely. ...

Markets - FXMM - Asia

South Africa's rand firmer but vulnerable to political risk, growth fears JOHANNESBURG: South Africa's rand firmed slightly early on Thursday as investors bought into riskier but high-yielding assets, yet remained vulnerable to weak domestic growth outlook and political uncertainty.At 0646 GMT, the rand traded at 15.0250 per dollar, 0.53 percent firmer from Wednesday's New York close.Aiding risk sentiment were minutes from the latest U.S. Federal Reserve meeting that underscored caution about future interest rate hikes."The risk aversion that we spoke about yesterday has eased. The Fed ...

Markets - FXMM - Asia

Yuan trade settlement not affected by FX volatility: HSBC exec HONG KONG: The Chinese currency's recent decline has not affected corporate appetite for the yuan in cross-border trade settlements as they can still benefit from using the currency in trade transactions, an HSBC executive said on Thursday."We don't expect the percentage of yuan trade settlement in China's total trade to fall as benefits and opportunities to use the yuan are quite clear," Vina Cheung, global head of renminbi internationalisation in global payments and cash management ...

Markets - FXMM - Asia

Sri Lanka 5-day rupee forwards close almost steady COLOMBO: Sri Lankan five-day rupee forwards closed almost steady on Thursday as importer dollar demand offset the sale of the greenback by exporters and inward remittances ahead of the Sinhala-Tamil new year next week, dealers said.The forwards, which are called spot next and act as a proxy for the spot currency, ended at 145.00/145.20 per dollar, compared with Wednesday's close of 144.90/145.20.The spot rupee, which has not been active since Jan. 27, did not actively ...

Markets - FXMM - Asia

Yen rallies against dollar after Fed minutes TOKYO: The yen rallied against the dollar on Thursday, while emerging currencies were boosted by US Federal Reserve minutes highlighting unease over raising interest rates too soon given global economic weakness.Huge volatility on equity markets driven by concerns over the global growth slowdown have sent traders scurrying for the Japanese unit, considered a safe bet in times of turmoil.On Thursday, the yen briefly rose to 109.16 against the dollar, erasing most of the currency's weakness ...

Markets - FXMM - Asia

Sri Lanka shares rise for second day on retail buying COLOMBO: Sri Lankan shares recovered from early losses to post their second straight gain on Wednesday, as local retail investors bought beaten-down banking and diversified stocks, though continued selling by foreign investors on worries over macroeconomic stability weighed on sentiment. Foreign investors sold a net 190.95 million rupees ($1.32 million) worth of equities, their fifth straight session of selling, and extending the year-to-date outflows to 3.05 billion rupees."Retail investors were trying to keep the market ...

Markets - FXMM - Asia

Japan's Abe rules out intervention as yen sits at 17-month high TOKYO: Japanese Prime Minister Shinzo Abe has ruled out intervening in currency markets to halt a surge in the yen, despite the unit sitting near a year-and-a-half high against the dollar Wednesday.Huge volatility on equity markets driven by worries about the slowdown in global growth have sent traders scurrying for the Japanese unit, which is considered a safe bet in times of turmoil. The currency's turnaround is bad news for the profitability of Japanese exporters ...