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Dollar slides vs. yen

FOREX-dollar-vs-yen_FXPIG

The dollar fell against rivals on Tuesday, notably against the Japanese yen, as stock markets around the world showed signs of recovery from last week’s rout. The ICE U.S. Dollar Index DXY, -0.31% which measures the currency against its six main rivals, was down 0.3% at 89,898. The index saw its best weekly gain since December 2016 last week, as U.S. equities suffered their worst weekly pullback since that same year. The broader WSJ U.S. Dollar Index BUXX, -0.32%  slipped 0.3% on Tuesday to 83.83.

The dollar fell sharply against the Japanese yen USDJPY, -0.93% USDJPY, -0.93% One dollar bought ¥107.69 versus ¥108.65 late Monday. The greenback also dropped against the Swiss franc USDCHF, -0.5323% USDCHF, -0.5323% USDCHF, -0.5323% slipping to 0.9350 against 0.9394 late Monday in New York.

The yen and franc each gained last week as investors sought out safety from volatile stock markets. Those currencies are considered havens by some in times of economic and financial upheaval.

The British pound GBPUSD, +0.3035%  inched up, changing hands at $1.3850, from $1.3837 late Monday. Meanwhile, the euro EURUSD, +0.2196%  rose to $1.2311, from $1.2293 late Monday.

The dollar appeared to be playing catchup after a second-straight session of strong gains for U.S. stocks, which carried through into equity rises in Asia. When stocks were tumbling last week, the dollar was one place investors turned to for shelter.

But dollar losses may fade, given stock futures were tilting lower Tuesday, indicating Wall Street may struggle to stretch gains to a third session when the market opens later.

Investors are keeping a close eye out for Wednesday’s U.S. consumer-price-inflation data, which will be a barometer for the anticipated March interest rate increase by the Federal Reserve.

Within politics, investors are mulling over a $4.4 trillion budget proposal by U.S. President Donald Trump on Monday, which would lift military and border security spending, and cut into many social programs.

The yen firmed as investors fretted about what is next for monetary policy from the Bank of Japan, which is about to appoint a new slate of top policymakers. Haruhiko Kuroda is seen as returning as governor, but there are concerns a more-hawkish team may be assembled.

The South African rand USDZAR, -0.0377%  steadied after leaders of the African National Congress party decided to tell incumbent President Jacob Zuma he must leave office, according to media reports. Zuma has been under pressure to resign amid corruption allegations and a stagnating economy, but has been refusing to go.

The nation’s stocks rose last week on reports that he would resign, though it’s unclear if Zuma will follow the ANC’s orders. He may force a vote of confidence in parliament. One dollar last bought 11.9441 rand, a 0.02% fall for the South African currency, according to FactSet data.

U.K. headline and consumer price inflation for January are due Tuesday, and the data could play a key role in helping to form expectations over the timing of the next U.K. interest-rate hike. Analysts surveyed by FactSet are forecasting CPI to rise to 2.9% on an annual basis, from 3% in the same period a year ago.

Cleveland Fed President Loretta Mester is scheduled to give a speech on monetary policy and the economic outlook to the Dayton Area Chamber of Commerce in Dayton, Ohio at 8 a.m. Eastern Time.

Source:marketwatch.com

The dollar fell against rivals on Tuesday, notably against the Japanese yen, as stock markets around the world showed signs of recovery from last week’s rout. The ICE U.S. Dollar Index DXY, -0.31% which measures the currency against its six main rivals, was down 0.3% at 89,898. The index saw its best weekly gain since December 2016 last week, as U.S. equities suffered their worst weekly pullback since that same year. The broader WSJ U.S. Dollar Index BUXX, -0.32%  slipped 0.3% on Tuesday to 83.83.

The dollar fell sharply against the Japanese yen USDJPY, -0.93% USDJPY, -0.93% One dollar bought ¥107.69 versus ¥108.65 late Monday. The greenback also dropped against the Swiss franc USDCHF, -0.5323% USDCHF, -0.5323% USDCHF, -0.5323% slipping to 0.9350 against 0.9394 late Monday in New York.

The yen and franc each gained last week as investors sought out safety from volatile stock markets. Those currencies are considered havens by some in times of economic and financial upheaval.

The British pound GBPUSD, +0.3035%  inched up, changing hands at $1.3850, from $1.3837 late Monday. Meanwhile, the euro EURUSD, +0.2196%  rose to $1.2311, from $1.2293 late Monday.

The dollar appeared to be playing catchup after a second-straight session of strong gains for U.S. stocks, which carried through into equity rises in Asia. When stocks were tumbling last week, the dollar was one place investors turned to for shelter.

But dollar losses may fade, given stock futures were tilting lower Tuesday, indicating Wall Street may struggle to stretch gains to a third session when the market opens later.

Investors are keeping a close eye out for Wednesday’s U.S. consumer-price-inflation data, which will be a barometer for the anticipated March interest rate increase by the Federal Reserve.

Within politics, investors are mulling over a $4.4 trillion budget proposal by U.S. President Donald Trump on Monday, which would lift military and border security spending, and cut into many social programs.

The yen firmed as investors fretted about what is next for monetary policy from the Bank of Japan, which is about to appoint a new slate of top policymakers. Haruhiko Kuroda is seen as returning as governor, but there are concerns a more-hawkish team may be assembled.

The South African rand USDZAR, -0.0377%  steadied after leaders of the African National Congress party decided to tell incumbent President Jacob Zuma he must leave office, according to media reports. Zuma has been under pressure to resign amid corruption allegations and a stagnating economy, but has been refusing to go.

The nation’s stocks rose last week on reports that he would resign, though it’s unclear if Zuma will follow the ANC’s orders. He may force a vote of confidence in parliament. One dollar last bought 11.9441 rand, a 0.02% fall for the South African currency, according to FactSet data.

U.K. headline and consumer price inflation for January are due Tuesday, and the data could play a key role in helping to form expectations over the timing of the next U.K. interest-rate hike. Analysts surveyed by FactSet are forecasting CPI to rise to 2.9% on an annual basis, from 3% in the same period a year ago.

Cleveland Fed President Loretta Mester is scheduled to give a speech on monetary policy and the economic outlook to the Dayton Area Chamber of Commerce in Dayton, Ohio at 8 a.m. Eastern Time.

Source:marketwatch.com

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