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Economic Times
2 hours ago
- Business
- Economic Times
Dollar hits 15-week high against yen as consumer prices gain
The dollar reached a 15-week high against the Japanese yen on Tuesday after U.S. data that showed a rise in consumer prices in June, though the increase was not big enough to change expectations on when the Federal Reserve is likely to resume interest rate cuts. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The dollar reached a 15-week high against the Japanese yen on Tuesday after U.S. data that showed a rise in consumer prices in June, though the increase was not big enough to change expectations on when the Federal Reserve is likely to resume interest rate that U.S. President Donald Trump 's tariff policies will increase price pressures are seen keeping the Fed on hold as policymakers wait to see their impact. Fed Chair Jerome Powell has said he anticipated prices will rise this summer."Tariffs are in the data, but it's not as devastating as many feared," said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls in Consumer Price Index increased 0.3% last month after edging up 0.1% in May. That was the largest gain since January. In the 12 months through June, the CPI advanced 2.7% after rising 2.4% in polled by Reuters had forecast a 0.3% monthly increase and a 2.6% rise on a year-over-year the volatile food and energy components, the CPI rose 0.2% in June after edging up 0.1% in the prior month. In the 12 months through June, core inflation was 2.9%, inching up after holding at 2.8% for three straight funds traders are pricing in 48 basis points of cuts by year-end, little changed from before the data, with the first rate reduction expected in September."A slightly softer-than-expected June core inflation reading keeps alive the chances of a September Federal Reserve interest rate cut, but the risk is that we get less benign prints for July and August," James Knightley, chief international economist, US at ING said in a note. "That means we will need to see clear evidence of softer jobs figures to trigger Fed action before December."The euro was last down 0.27% on the day at $1.1631, the lowest since June 25. Against the Japanese yen, the dollar strengthened 0.66% to 148.68, the highest since April weakened 0.21% to $1.3399, the lowest since June dollar weakened after Trump in April announced larger than expected tariffs, but then delayed many of the levies pending negotiations with trading last week announced higher tariffs would come into effect on August 1 for imports from a range of countries, including Mexico, Japan, Canada and Brazil, and the European Union, though market reaction this time was relatively muted."The market is ignoring the tariffs until it becomes clear whether there's going to be sort of a major escalation like there was with China in April or if this is just yet another step on the way to some sort of deal," said Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank's NY addition to tariffs and inflation, markets are also focused on the U.S. fiscal and debt outlook, and the pressure the Trump administration is placing on Powell as he keeps rates on hold."There are a lot of balls in the air. It's just that it's unclear how heavy each one of them is, and which one is going to have the biggest impact when it lands," Englander said on Tuesday that consumer prices were low and the Fed should bring down interest rates has also asked the U.S. central bank's inspector general to review the costs involved in the renovation of its historic headquarters in Washington, as Trump administration officials intensify their criticism of how the Fed is being run.U.S. Treasury Secretary Scott Bessent said on Tuesday that a "formal process" is already starting to identify a potential successor to Powell, whose term will end in fell 1.52% to $118,394. It hit a record $123,153 on Monday as investors bet on long-sought policy wins for the industry this week, which has been dubbed "crypto week" by U.S. Republicans.
Business Recorder
2 hours ago
- Business
- Business Recorder
Dollar hits 15-week high against yen as consumer prices gain
NEW YORK: The dollar reached a 15-week high against the Japanese yen on Tuesday after U.S. data that showed a rise in consumer prices in June, though the increase was not big enough to change expectations on when the Federal Reserve is likely to resume interest rate cuts. Expectations that U.S. President Donald Trump's tariff policies will increase price pressures are seen keeping the Fed on hold as policymakers wait to see their impact. Fed Chair Jerome Powell has said he anticipated prices will rise this summer. 'Tariffs are in the data, but it's not as devastating as many feared,' said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls in Wisconsin. The Consumer Price Index increased 0.3% last month after edging up 0.1% in May. That was the largest gain since January. In the 12 months through June, the CPI advanced 2.7% after rising 2.4% in May. Dollar holds near 3-week high before CPI; bitcoin eases back from record peak Economists polled by Reuters had forecast a 0.3% monthly increase and a 2.6% rise on a year-over-year basis. Excluding the volatile food and energy components, the CPI rose 0.2% in June after edging up 0.1% in the prior month. In the 12 months through June, core inflation was 2.9%, inching up after holding at 2.8% for three straight months. Fed funds traders are pricing in 48 basis points of cuts by year-end, little changed from before the data, with the first rate reduction expected in September. 'A slightly softer-than-expected June core inflation reading keeps alive the chances of a September Federal Reserve interest rate cut, but the risk is that we get less benign prints for July and August,' James Knightley, chief international economist, US at ING said in a note. 'That means we will need to see clear evidence of softer jobs figures to trigger Fed action before December.' The euro was last down 0.27% on the day at $1.1631, the lowest since June 25. Against the Japanese yen, the dollar strengthened 0.66% to 148.68, the highest since April 3. Sterling weakened 0.21% to $1.3399, the lowest since June 23. The dollar weakened after Trump in April announced larger than expected tariffs, but then delayed many of the levies pending negotiations with trading partners. Trump last week announced higher tariffs would come into effect on August 1 for imports from a range of countries, including Mexico, Japan, Canada and Brazil, and the European Union, though market reaction this time was relatively muted. 'The market is ignoring the tariffs until it becomes clear whether there's going to be sort of a major escalation like there was with China in April or if this is just yet another step on the way to some sort of deal,' said Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank's NY Branch. In addition to tariffs and inflation, markets are also focused on the U.S. fiscal and debt outlook, and the pressure the Trump administration is placing on Powell as he keeps rates on hold. 'There are a lot of balls in the air. It's just that it's unclear how heavy each one of them is, and which one is going to have the biggest impact when it lands,' Englander said. Trump said on Tuesday that consumer prices were low and the Fed should bring down interest rates now. Powell has also asked the U.S. central bank's inspector general to review the costs involved in the renovation of its historic headquarters in Washington, as Trump administration officials intensify their criticism of how the Fed is being run. U.S. Treasury Secretary Scott Bessent said on Tuesday that a 'formal process' is already starting to identify a potential successor to Powell, whose term will end in May. Bitcoin fell 1.52% to $118,394. It hit a record $123,153 on Monday as investors bet on long-sought policy wins for the industry this week, which has been dubbed 'crypto week' by U.S. Republicans.
CNA
4 hours ago
- Business
- CNA
Dollar gains on yen, falls against euro after CPI data
NEW YORK :The dollar gained against the Japanese yen but fell against the euro on Tuesday in choppy trading as investors digested U.S. data that showed an increase in consumer prices in June, but not big enough to change expectations on when the Federal Reserve is likely to resume interest rate cuts. Expectations that U.S. President Donald Trump's tariff policies will increase price pressures are seen keeping the Fed on hold as policymakers wait to see their impact. Fed Chair Jerome Powell has said he anticipated prices will rise this summer. "Tariffs are in the data, but it's not as devastating as many feared,' said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls in Wisconsin. Following Tuesday's data, fed funds traders continue to price in 47 basis points of cuts by year-end, with the first-rate reduction expected in September. The Consumer Price Index increased 0.3 per cent last month after edging up 0.1 per cent in May. That was the largest gain since January. In the 12 months through June, the CPI advanced 2.7 per cent after rising 2.4 per cent in May. Economists polled by Reuters had forecast a 0.3 per cent monthly increase and a 2.6 per cent rise on a year-over-year basis. Excluding the volatile food and energy components, the CPI rose 0.2 per cent in June after edging up 0.1 per cent in the prior month. In the 12 months through June, core inflation was 2.9 per cent, inching up after holding at 2.8 per cent for three straight months. The euro was last up 0.09 per cent on the day at $1.1674. Against the Japanese yen, the dollar strengthened 0.24 per cent to 148.04.
The Age
a day ago
- Business
- The Age
ASX set to rise, Wall Street advances amid doubts about Trump's tariffs
US stock indexes are hanging near their records on Monday following President Donald Trump's latest updates to his tariffs, as speculation continues on Wall Street that he may ultimately back down on them. The S&P 500 was edging up by 0.1 per cent and within 0.2 per cent of its all-time high set on Thursday. The Dow Jones was up 54 points, or 0.1 per cent, in mid-afternoon trade, and the Nasdaq composite was 0.3 per cent higher. The Australian sharemarket is set to advance, with futures pointing to a rise of 57 points, or 0.7 per cent, at the open. The ASX slid by 0.1 per cent on Monday. The Australian dollar was 0.5 per cent lower at 65.46 US cents at 5.16am AEST. Stock indexes elsewhere around the world were mixed in their first trading after Trump announced plans over the weekend for 30 per cent tariffs on goods from Mexico and the European Union. They won't take effect until August 1, the same deadline that Trump announced last week for updated tax rates on imports from Japan, South Korea and a dozen other countries. The latest postponements for Trump's tariffs allow more time for him to reach trade deals with other countries that could lower the tariff rates and prevent pain for international trade. They also feed into speculation that Trump may ultimately back down on his tariffs if they end up creating too much damage for the economy and for financial markets. If Trump were to enact all his proposed tariffs on August 1, they would raise the risk of a recession. That would not only hurt US voters but also raise the pressure on the US government's debt level relative to the economy's size, particularly after Washington approved big tax cuts that will add to the deficit. Loading 'We therefore believe that the administration is using this latest round of tariff escalation to maximise its negotiating leverage and that it will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility,' according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. 'As usual, there are many conditions and clauses that can get these rates reduced,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'That's probably why the market might not like the tariff talk, but it's not panicking about it either.'
Fox News
04-07-2025
- Business
- Fox News
Business Rundown: Can The Fireworks Last On Wall Street?
The first half of 2025 was full of economic surprises and volatility. With recent record highs in US markets, this Independence Day we're looking at if the fireworks can continue for Wall Street. FOX Business correspondent Gerri Willis speaks with Annex Wealth Management's chief economist Brian Jacobsen about how we got here from Liberation Day and shares which stocks & sectors are trending hot in 2025. Photo Credit: AP Learn more about your ad choices. Visit
