Latest news with #TOKYO
Zawya
4 days ago
- Business
- Zawya
Dollar set for weekly gain as firm US data tempers Fed easing bets
TOKYO: The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again. The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the U.S. Bitcoin hovered just below $120,000, after this week pushing to an all-time peak of $123,153.22, with Congress passing a bill to create the framework for dollar-pegged stablecoins. The dollar index, which measures the currency against six leading counterparts, held steady at 98.456 as of 0038 GMT, keeping it on track for a 0.64% weekly advance and building on the previous week's 0.91% rally. The dollar index climbed as high as 98.951 on Thursday for the first time since June 23 after U.S. data showed retail sales rebounded more than expected in June and first-time applications for unemployment benefits dropped to a three-month low last week. Earlier in the week, a report showed consumer prices increased by the most in five months in June, suggesting tariffs were starting to have an impact on inflation. Traders currently price about 45 basis points of rate cuts for the remainder of the year, down from closer to 50 basis points at the start of the week. At the same time, the dollar index remains 9.3% lower over the course of this year, following a steep selloff in March and April when President Donald Trump's erratic trade policies undermined confidence in U.S. assets, sending the currency, Treasury bonds and Wall Street all lower. Clouds of uncertainty still hang over the dollar though, which has been shaken in recent days and weeks by fiscal worries from Trump's massive spending and tax cut bill, as well as the U.S. President's relentless criticism of Federal Reserve Chair Jerome Powell for not cutting rates. "The USD remains vulnerable to the downside if concerns about U.S. policymaking further undermine investor confidence in USD assets," Commonwealth Bank of Australia analysts wrote in a client note. The U.S. currency's drop earlier this week on speculation Trump was aiming to oust Powell "was a case in point," the analysts said. The dollar tumbled on Wednesday on a Bloomberg report that Trump was planning to fire Powell soon, before paring losses when Trump denied the news. Trump has said repeatedly that interest rates should be at 1% or lower, compared with the current 4.25%-4.5% range. The dollar was steady at 148.60 yen, hovering not far from the 3-1/2-month high of 149.19 from Wednesday, as signs grew that Japan's coalition would fall short of retaining its majority, potentially giving more sway to opposition parties that back consumption tax cuts to ease the burden on voters from rising prices. For the week, the dollar has gained 0.73% on the Japanese currency. Japan, which initially was touted by the White House as likely to be among the first to reach a trade deal, has been deadlocked with Washington over politically sensitive issues of car and agriculture tariffs. Japan's top trade negotiator, Ryosei Akazawa, held talks with U.S. Commerce Secretary Howard Lutnick on Thursday, as Tokyo races to avert a damaging 25% levy that would become effective after the August 1 deadline. The euro rose 0.25% to $1.1626, clawing its way off Thursday's three-week low of $1.1556. For the week, the euro is down 0.59%. Sterling rose 0.13% to $1.3436, slightly paring its weekly decline to 0.41%. Bitcoin edged up 0.35% to around $119,899 on the day. (Reporting by Kevin Buckland Editing by Shri Navaratnam)
CNA
4 days ago
- Business
- CNA
Dollar set for weekly gain as firm US data tempers Fed easing bets
TOKYO :The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again. The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the U.S. Bitcoin hovered just below $120,000, after this week pushing to an all-time peak of $123,153.22, with Congress passing a bill to create the framework for dollar-pegged stablecoins. The dollar index, which measures the currency against six leading counterparts, held steady at 98.456 as of 0038 GMT, keeping it on track for a 0.64 per cent weekly advance and building on the previous week's 0.91 per cent rally. The dollar index climbed as high as 98.951 on Thursday for the first time since June 23 after U.S. data showed retail sales rebounded more than expected in June and first-time applications for unemployment benefits dropped to a three-month low last week. Earlier in the week, a report showed consumer prices increased by the most in five months in June, suggesting tariffs were starting to have an impact on inflation. Traders currently price about 45 basis points of rate cuts for the remainder of the year, down from closer to 50 basis points at the start of the week. At the same time, the dollar index remains 9.3 per cent lower over the course of this year, following a steep selloff in March and April when President Donald Trump's erratic trade policies undermined confidence in U.S. assets, sending the currency, Treasury bonds and Wall Street all lower. Clouds of uncertainty still hang over the dollar though, which has been shaken in recent days and weeks by fiscal worries from Trump's massive spending and tax cut bill, as well as the U.S. President's relentless criticism of Federal Reserve Chair Jerome Powell for not cutting rates. "The USD remains vulnerable to the downside if concerns about U.S. policymaking further undermine investor confidence in USD assets," Commonwealth Bank of Australia analysts wrote in a client note. The U.S. currency's drop earlier this week on speculation Trump was aiming to oust Powell "was a case in point," the analysts said. The dollar tumbled on Wednesday on a Bloomberg report that Trump was planning to fire Powell soon, before paring losses when Trump denied the news. Trump has said repeatedly that interest rates should be at 1 per cent or lower, compared with the current 4.25 per cent-4.5 per cent range. The dollar was steady at 148.60 yen, hovering not far from the 3-1/2-month high of 149.19 from Wednesday, as signs grew that Japan's coalition would fall short of retaining its majority, potentially giving more sway to opposition parties that back consumption tax cuts to ease the burden on voters from rising prices. For the week, the dollar has gained 0.73 per cent on the Japanese currency. Japan, which initially was touted by the White House as likely to be among the first to reach a trade deal, has been deadlocked with Washington over politically sensitive issues of car and agriculture tariffs. Japan's top trade negotiator, Ryosei Akazawa, held talks with U.S. Commerce Secretary Howard Lutnick on Thursday, as Tokyo races to avert a damaging 25 per cent levy that would become effective after the August 1 deadline. The euro rose 0.25 per cent to $1.1626, clawing its way off Thursday's three-week low of $1.1556. For the week, the euro is down 0.59 per cent. Sterling rose 0.13 per cent to $1.3436, slightly paring its weekly decline to 0.41 per cent. Bitcoin edged up 0.35 per cent to around $119,899 on the day.
Reuters
4 days ago
- Business
- Reuters
Dollar set for weekly gain as firm US data tempers Fed easing bets
TOKYO, July 18 (Reuters) - The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again. The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the U.S. Bitcoin hovered just below $120,000, after this week pushing to an all-time peak of $123,153.22, with Congress passing a bill to create the framework for dollar-pegged stablecoins. The dollar index , which measures the currency against six leading counterparts, held steady at 98.456 as of 0038 GMT, keeping it on track for a 0.64% weekly advance and building on the previous week's 0.91% rally. The dollar index climbed as high as 98.951 on Thursday for the first time since June 23 after U.S. data showed retail sales rebounded more than expected in June and first-time applications for unemployment benefits dropped to a three-month low last week. Earlier in the week, a report showed consumer prices increased by the most in five months in June, suggesting tariffs were starting to have an impact on inflation. Traders currently price about 45 basis points of rate cuts for the remainder of the year, down from closer to 50 basis points at the start of the week. At the same time, the dollar index remains 9.3% lower over the course of this year, following a steep selloff in March and April when President Donald Trump's erratic trade policies undermined confidence in U.S. assets, sending the currency, Treasury bonds and Wall Street all lower. Clouds of uncertainty still hang over the dollar though, which has been shaken in recent days and weeks by fiscal worries from Trump's massive spending and tax cut bill, as well as the U.S. President's relentless criticism of Federal Reserve Chair Jerome Powell for not cutting rates. "The USD remains vulnerable to the downside if concerns about U.S. policymaking further undermine investor confidence in USD assets," Commonwealth Bank of Australia analysts wrote in a client note. The U.S. currency's drop earlier this week on speculation Trump was aiming to oust Powell "was a case in point," the analysts said. The dollar tumbled on Wednesday on a Bloomberg report that Trump was planning to fire Powell soon, before paring losses when Trump denied the news. Trump has said repeatedly that interest rates should be at 1% or lower, compared with the current 4.25%-4.5% range. The dollar was steady at 148.60 yen , hovering not far from the 3-1/2-month high of 149.19 from Wednesday, as signs grew that Japan's coalition would fall short of retaining its majority, potentially giving more sway to opposition parties that back consumption tax cuts to ease the burden on voters from rising prices. For the week, the dollar has gained 0.73% on the Japanese currency. Japan, which initially was touted by the White House as likely to be among the first to reach a trade deal, has been deadlocked with Washington over politically sensitive issues of car and agriculture tariffs. Japan's top trade negotiator, Ryosei Akazawa, held talks with U.S. Commerce Secretary Howard Lutnick on Thursday, as Tokyo races to avert a damaging 25% levy that would become effective after the August 1 deadline. The euro rose 0.25% to $1.1626, clawing its way off Thursday's three-week low of $1.1556. For the week, the euro is down 0.59%. Sterling rose 0.13% to $1.3436, slightly paring its weekly decline to 0.41%. Bitcoin edged up 0.35% to around $119,899 on the day.
Reuters
4 days ago
- Business
- Reuters
Dollar climbs as traders mull Powell's future, yen dips ahead of Japan election
TOKYO/LONDON, July 17 (Reuters) - The dollar was broadly stronger against major peers on Thursday as investors assessed U.S. President Donald Trump's latest comments on Fed Chair Jerome Powell's future, while concerns over a pivotal election in Japan weighed on the yen. The dollar firmed 0.55% against the euro , bringing the currency pair largely back to where it had been before a drop in the dollar late on Wednesday due to concerns that removing the Fed chief before his term ends in May 2026 would undermine faith in the U.S. financial system. Trump said Wednesday he was not planning to fire Powell, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates. In other currencies, sterling edged 0.2% lower to $1.3395 , after data showed British pay growth slowing in May and employee numbers dropping further last month, though job losses were less alarming than some experts had feared. "... the labour market is still not in a good position, even with these revisions, in combination with what we saw yesterday with inflation it is not a good situation with the pound," said Michael Pfister, FX analyst at Commerzbank. UK inflation data on Wednesday showed prices rising to their highest since January 2024, renewing the focus on Bank of England rate cuts. Meanwhile, concerns mounted over a pivotal election in Japan and a still elusive trade deal with the U.S. to avoid a punishing rise in tariffs. Japan's currency was just off a one-year low against the euro touched on Wednesday, as polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house. The yen was down 0.6% to 148.73 to the dollar after touching its weakest level since April 3 in the previous session <JPY=EBS. The Japanese currency was unchanged at 172.225 per euro, after touching 173.24 on Wednesday, the weakest since July 12, 2024. Japan's top trade negotiator held a phone call with U.S. Commerce Secretary Howard Lutnick on tariffs, as data showed the Asian nation's exports were starting to feel the impact of tariffs with shipments down for a second straight month. "With the elections, the tariffs, the overall relationship between Japan and the U.S., I do think there is some reason to sell the yen," said Bart Wakabayashi, Tokyo branch manager at State Street. "The election seems to be a key point in the foreign view of the currency at the moment." Investors remain focused on tariffs ahead of an August 1 deadline, when many trading partners face higher trade levies. Japan failed to clinch a deal with the U.S. before the July 9 expiration of the temporary pause on the country-specific tariffs. Meanwhile the Australian dollar slid after jobs data badly missed forecasts and unemployment hit highs not seen since late 2021. The Aussie dollar fell 1.1% to a more than three-week low of $0.6456 while New Zealand's kiwi dollar lost 0.57% to $0.5912 . A more dovish Fed could lead to a return of inflation and negative real yields on Treasuries, said Mahjabeen Zaman, head of foreign exchange research at ANZ. "If that comes to fruition, you're going to see a much weaker dollar than we're already expecting," Zaman said in an ANZ podcast. "Such an event, if that even does happen, it will raise questions for Fed independence and credibility, so I think it's only going to be an increase in volatility." Trump has railed against Powell for months for not easing rates, which he says should be at 1% or lower. Bloomberg reported that the president is likely to fire Powell soon, and a source told Reuters that Trump polled some Republican lawmakers on firing Powell and received a positive response. Trump said that the reports were not true. Markets are awaiting U.S. retail sales data for June as well as TICs data for May due later. "We will see the extent to which tariffs and U.S. policies caused foreign investors to rotate away from U.S. Treasuries," Francesco Pesole, FX strategist at ING, said.
Malay Mail
4 days ago
- Entertainment
- Malay Mail
‘Legend of Zelda' goes live-action with British stars for 2027 release
TOKYO, July 17 — Two British actors will play the lead roles in the hotly anticipated live-action film adaptation of the 'Legend of Zelda' video game franchise, Japan's Nintendo announced. The film's release is set for May 2027, joining a stream of game adaptations from 'Super Mario' to 'Sonic the Hedgehog' that have stormed the box office in recent years. Bo Bragason will play Princess Zelda and Benjamin Evan Ainsworth will play Link — an elf warrior who swordfights his way through a monster-filled fantasy world — Nintendo said on social media platform X on Wednesday. 'I am very much looking forward to seeing both of them on the big screen,' said the post attributed to game designer and Nintendo executive Shigeru Miyamoto. Miyamoto, the co-producer of 'Super Mario', created the 'Zelda' universe in 1986. Since then, the hugely popular series has sold more than 140 million games worldwide. Its latest installment, 2024's 'The Legend of Zelda: Echoes of Wisdom', saw the titular character shed her role as a damsel in distress to be the heroine for the first time. Bragason has previously starred in the British TV series Three Girls and Renegade Nell, while Ainsworth was the voice of Pinocchio in a 2022 movie remake. Before the announcement, online speculation had been rife that US trans actress Hunter Schafer, known for HBO hit show Euphoria, might be picked for the part of Zelda. The movie, directed by Wes Ball of the Maze Runner trilogy, is a big-screen first for Zelda, although the game was adapted for a 13-episode animated series in 1989. Movie adaptations of hit video games have become big business, with Nintendo's The Super Mario Bros. Movie the second-highest grossing film of 2023. Among other titles being developed into films are Japan's 'Elden Ring' and US life-simulation game series 'The Sims'. — AFP
