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Yen stays weaker as Bank of Japan keeps asset buys steady

Yen stays weaker as Bank of Japan keeps asset buys steady

Fri June 16 2017

 

The yen stayed weaker on Friday after the Bank of Japan held monetary policy steady as expected, including the pace of asset purchases at ¥80 trillion annually.

 

USD/JPY changed hands at 11.16, up 0.21%, while AUD/USD traded at 0.7596, up 0.21%. GBP/USD rose 0.15% to 1.2776.

 

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, eased 0.02% to 97.48.

 

Overnight, the dollar remained close to two-week highs against a basket of global currencies on Thursday, buoyed by a trio of upbeat economic reports lifting sentiment on the prospect of stronger U.S. economic growth.

 

A day after the Federal Reserve increased interests rate for the second time this year, signalling confidence in the U.S. economy, initial jobless claims and manufacturing data exceeded forecasts helping the dollar tack on gains against its peers.

 

The U.S. Department of Labor reported Thursday that initial jobless claims decreased by 5,000 to 237,000 in the week ended June 4, beating forecasts of a 3,000 decline.

 

On the manufacturing front, investors cheered a pair of upbeat economic reports on manufacturing activity in the states of New York and Philadelphia.

 

The Philly Fed said its index for current manufacturing activity in the region decreased to 27.6 in June from 38.8 in May. Analysts had expected a reading of 24.

 

Whereas, in New York, the Empire State manufacturing index climbed to 19.8, after falling to minus-1 in May.

 

The upbeat economic reports lifted expectations of an additional rate hike this year, after the Federal Reserve on Wednesday maintained its outlook of a total of three rates for 2017.

 

Sterling was one of the few currencies that shrugged of a surge in the dollar, with GBP/USD up as the Bank of England kept rates unchanged but stoked expectations of a future rate hike, revealing that an increasing number of its members favoured higher rates.

 

Source: https://www.investing.com/

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Tuesday, October 17, 2017
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MCXAluminiumOct17137.5138.6137.05137.95
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MCXCardamomNov171029103210071011.8
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