Tut Group launches its operations in Egyptian market for exporting Egyptian products    Sisi follows up on Egypt's food security, retail sector development    Gold posts modest gains on July 15th    China's urban jobless rate eases in June '25    Egypt's Health Minister reviews drug authority cooperation with WHO    Egypt's PM orders 60,000 new homes for Alexandria's unsafe buildings    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Escalation in Gaza as Israeli airstrikes intensify, ceasefire talks stagnate    Agriculture Minister discusses boosting agricultural cooperation with Romania, Moldova    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dollar dips vs yen after BOJ's Kuroda disappoints easing bets
Published in Amwal Al Ghad on 05 - 09 - 2016

The dollar slipped against the yen on Monday, after the head of the Bank of Japan disappointed those investors who had expected a clear signal that monetary policy would be eased further this month.
The greenback hit a five-week high on Friday as markets bet that the U.S. Federal Reserve was still likely to raise interest rates in the coming months, despite disappointing U.S. jobs numbers.
But having gained more than 4 percent against the Japanese currency in six days, the dollar stalled on Monday, slipping 0.7 percent after BOJ Governor Haruhiko Kuroda's comments, to 103.27 yen JPY=.
Though Kuroda signalled his readiness to further expand an already massive stimulus programme, he did not provide the explicit hints that some had been waiting for on the chances of the BOJ aggressively easing policy at its next review on Sept. 20-21, traders said.
From Zurich, UBS's head of currency strategy Constantin Bolz said the factors that had driven the yen higher - growing expectations of a Fed hike in September, bets on imminent further BOJ easing, and increased risk appetite - had faded somewhat, but that a fall-back was not surprising given the rapidity of the move.
"We shouldn't forget that we were at 100 yen ten days ago," Bolz said.
"The (U.S.) labour market wasn't great ... so that took out a bit of steam from the dollar side, and then Kuroda didn't say anything too clear about further easing at the end of September and so now markets have to level out their bets a little bit."
Data from the U.S. Commodity Futures Trading Commission released on Friday showed that currency speculators increased their bets on the yen in the week ending Aug. 30, but had cut their long U.S. dollar bets to an 8-week low.
The dollar index, which measures the greenback against a basket of six major currencies .DXY, stood at 95.660, managing to stay above a one-week low of 95.189 set on Friday just after the U.S. payrolls data.
Nonfarm payrolls rose by 151,000 jobs last month, below the 180,000 jobs that economists had expected.
"While the headline figure was weak, the data did not completely rule out the possibility of a rate hike in September," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.
Markets are now pricing in just over a 1 in 5 chance that U.S. rates will be incresed in September, and a just over 50 percent chance that they will be hiked by the end of the year - down from around a 55 percent chance priced in last week before the jobs data, according to CME FedWatch.
The euro EUR= edged up 0.1 percent to $1.1172, not far from last Wednesday's three-week low of $1.1123.
Source: Reuters


Clic here to read the story from its source.