SINGAPORE : The yen lost ground after the Bank of Japan on Friday maintained ultra-low interest rates and its forecast that inflation will slow later this year - a dovish stance that runs counter to hawkish policies taken by peers globally.The decision by the BOJ to keep its short-term interest rate targe
SINGAPORE : The yen lost ground after the Bank of Japan on Friday maintained ultra-low interest rates and its forecast that inflation will slow later this year - a dovish stance that runs counter to hawkish policies taken by peers globally.
The euro was poised for its best week in months after the European Central Bank raised borrowing costs to a 22-year high and signalled further rate hikes to come. ECB President Christine Lagarde told a press conference that another rate hike in July was highly likely and that the central bank still has"ground to cover" to stave off high inflation.
Sterling rose to an over one-year peak of $1.2794 in early Asia trade and last bought $1.2773, as traders similarly ramped up bets that the Bank of England is likely to raise interest rates for the 13th meeting in a row next week.The ECB's monetary policy decision came a day after the U.S. Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes.
A separate report from the Labor Department showed initial claims for state unemployment benefits were unchanged at a seasonally adjusted 262,0000 for the week ended June 10, above economists' forecast for 249,000 claims.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yen struggles before BOJ decision; hawkish ECB, soft US data dent dollarSINGAPORE : The yen languished near a 15-year low against the euro and around a seven-month trough against the dollar on Friday, ahead of a closely-watched policy decision by the Bank of Japan, where it is set to stay ultra-dovish in the face of its hawkish peers.The euro was poised for its best week sin
Read more »
Analysis:Japanese investors' patience running thin as BOJ stallsTOKYO/SINGAPORE : For Japan's long term bond investors, an end to the Bank of Japan's stifling control of market yields can't come soon enough.Life insurance companies and pension funds in Japan have for months been positioning for an end to the BOJ's ultra-loose yield-curve-control (YCC) policy, by flush
Read more »
Dollar rallies in Asia after Fed signals rate hikes; yen, kiwi slideTOKYO : The U.S. dollar rallied in Asian trading on Thursday after the Federal Reserve signalled rate hikes later in the year, while China's and New Zealand's currencies fell on signs of weakness in those economies.The market's attention is now turning to other central bank decisions late this week, with
Read more »
Japan will stop yen decline beyond USD/JPY 145, most economists say: Reuters pollTOKYO : Japan's government and central bank will act to stop the yen's decline if it depreciates to the 145 per U.S. dollar level, more than half of economists polled by Reuters said.Market participants closely watch how the government and the Bank of Japan (BOJ) respond to currency moves, following their
Read more »
BOJ to keep ultra-low rates, focus on Ueda's inflation viewsTOKYO: The Bank of Japan is widely expected to maintain ultra-easy monetary policy on Friday despite stronger-than-expected inflation, as it focuses on supporting a fragile economic recovery amid a sharp slowdown in global growth. The central bank is also likely to keep intact a pledge to 'patiently' susta
Read more »
BOJ's next steps and triggers for policy shiftTOKYO :One of Bank of Japan Governor Kazuo Ueda's biggest challenges will be to phase out a controversial yield curve control policy, which is criticised for distorting markets by keeping long-term interest rates low despite creeping inflation.While Ueda has stressed the BOJ will be in no rush to dial back st
Read more »