Latest news with #SafeHaven
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Dollar set to end week on upbeat note, buoyed by safe-haven appeal
The US dollar index, which compares the US currency against six others, is poised for a 0.5% climb this week. (Freepik pic) NEW YORK : The US dollar was set to log its biggest weekly rise in over a month today, as uncertainties about a raging war in the Middle East and the repercussions it could have on the global economy fuelled an appetite for traditional safe havens. The dollar index comparing the US currency against six others is poised for a 0.5% climb this week. The conflict between Israel and Iran shows no signs of subsiding and market participants are nervous about potential US intervention in the region. The two countries have been in a week-long air battle as Tel Aviv seeks to thwart Tehran's nuclear ambitions and cripple the domestic government. The White House said US President Donald Trump will make a decision within the next two weeks about whether to join Israel in the war. The resultant recent spike in oil prices added a new layer of inflation uncertainty for central banks across regions, which have been grappling with the potential repercussions of US tariffs on their economies. 'Rising oil prices introduce inflation uncertainty at a time when growth is weakening,' said Charu Chanana, chief investment strategist at Saxo. 'That makes central banks' jobs much harder – do they ease to support growth or hold back to avoid fueling inflation? 'Most seem to be prioritising growth concerns for now, assuming that crude gains may not be sustained,' Chanana said. In early Asia trading, the euro inched up 0.16% to US$1.151, while the dollar weakened against the yen by 0.17% to 145.23 per dollar. Also underpinning the yen's gains was hotter-than-expected inflation data that kept expectations for upcoming interest rate hikes alive. Furthermore, minutes from the Bank of Japan's policy meet this week showed policymakers agreed on the need to keep raising rates that are still at very low levels. The Swiss franc was flat at 0.816 per dollar today but was set for its largest weekly drop since mid-April after the country's central bank lowered borrowing costs. Swiss rates now stand at 0%. Currencies positively correlated to risk sentiment such as the Australian and New Zealand dollars were steady, while sterling was little changed at US$1.34. Although the Federal Reserve earlier this week stuck with its forecast of two interest rate cuts this year, chair Jerome Powell cautioned against giving that view too much weight. Analysts saw the central bank's delivery as a 'hawkish tilt' further underpinning the greenback's gains this week. Investors were, however, taken aback by an unexpected 25 basis point interest rate cut by Norges bank and the krone is down by more than 1% against the dollar this week. Though geopolitical tensions were the main market focus this week, concerns about tariffs and the impact they may have on costs, corporate margins and overall growth are ever-present. These concerns have weighed on the dollar, which is down about 9% this year. Trump's early July tariff deadline looms and sources said that European officials are increasingly resigned to a 10% rate on 'reciprocal' tariffs being the baseline in any trade deal between the US and the EU. Elsewhere, the offshore yuan was little changed at 7.185 after China kept benchmark lending rates unchanged as expected.
Bloomberg
20-06-2025
- Business
- Bloomberg
The Dollar Is Hanging On to Its Haven Role by a Thread, Survey Shows
The escalating Middle East conflict is likely to help the dollar hold on to its haven role — but only just, the latest Bloomberg Pulse survey shows. A little more than half of 251 respondents think the US currency will regain its status as a safe asset as Iran and Israel continue to carry out attacks on each other. Yet participants also see the Bloomberg Dollar Spot Index falling over the next month, according to the poll conducted June 13-18.
Reuters
18-06-2025
- Business
- Reuters
Dollar steady as investors monitor Israel-Iran conflict ahead of Fed
June 18 (Reuters) - The U.S. dollar held on to gains against major currencies early on Wednesday, buoyed by demand for safety as conflict between Israel and Iran kept investors on edge ahead of a Federal Reserve decision on interest rates later in the day. Israel has pounded Iran over the past six days to halt its nuclear activity and has asserted the need for a change of government in the Islamic republic. The U.S. military is also bolstering its presence in the region, Reuters reported, sparking speculation of U.S. intervention which investors fear could spread into a region replete with energy resources, supply chains and infrastructure. Against this backdrop, the dollar has found support as a safe bid, firming roughly 1% against the Japanese yen, Swiss franc and euro since Thursday, helping it shave declines from earlier in the year. The greenback had lost more than 8% earlier in the year due to eroding confidence in the U.S. economy amid trade policies. "The dollar is still a safe haven because of its depth and liquidity so, yes the structural forces are diluting the dollar safe-haven activities, but they're not eroding them completely," said currency strategist Rodrigo Catril at National Australia Bank. "But in a scenario of big risk aversion, the dollar will still gain support but maybe not to the same it has managed in the past." The dollar firmed as much as 0.1% against the yen on Wednesday to touch a one-week top. It was last at 145.21 yen. In early Asia trade, the Swiss franc was flat at 0.816 a dollar and the euro was up 0.1% at $1.149. A broader index tracking the greenback against six other currencies was little changed after a 0.6% jump in the previous trading session. A jump in crude oil prices to about $75 a barrel has also weighed on the euro and yen given the European Union and Japan are primarily net crude importers as opposed to the U.S. which is a net exporter. Investors' next point of focus is the Fed which is set to decide whether to change its interest rates. Recent data showed the U.S. economy was slowing amid President Donald Trump's erratic policymaking style, and higher crude prices due to conflict in the Middle East is also complicating the Fed's task. Traders expect the central bank to leave borrowing costs unchanged and will be keen to hear the Fed's outlook for interest rates this year and the overall health of the economy. "In the very near term a cautious message will probably be reemphasised, but what will be interesting is how they interpret and navigate the new forecast, which we think will show a lower growth path alongside potentially stickier inflation," Catril said. The Bank of Japan on Tuesday was first among major central banks to announce a rate decision in the latest round of policy meetings worldwide. It left rates unchanged and said it will decelerate its bond tapering plan to calm a recent selloff in bond markets. Central bank verdicts are also due from Britain, Switzerland, Norway and Sweden later in the week. Signs that trade uncertainty was damaging countries across the globe were evident as Japan reported a decline in exports in May for the first time in eight months. An area of frustration for investors was a Group of Seven meeting in Canada yielding little on the tariff front, ahead of Trump's early July deadline for additional levies. Trump said Japan was being "tough" in trade talks and the European Union had not yet offered what he considered a fair deal.
Yahoo
12-06-2025
- Yahoo
Baldwin County's first Safe Haven baby box blessed in Daphne
DAPHNE, Ala., (WKRG) — On the corner of the newest fire station in Daphne, a first for Baldwin County. A Safe Haven Baby Box. Hundreds run across iconic Mobile bridge to help Africatown 'You would simply walk up to the box, you open that door, you place the baby in the medical grade safe bassinet, close the door and walk away,' said Caitlin Kelly with Safe Haven Baby Boxes. She calls the boxes an extension of the Safe Haven law, a law that allows the surrender of infants up to 45 days old in Alabama. An option that wouldn't be possible without Alabama State Representative Donna Givens. 'My heart was touched. I knew I had to do it for the state of Alabama,' Givens said. The Daphne location is the 18th baby box in Alabama. More are planned, including at fire stations in Foley and in Spanish Fort. The goal is to save lives with no name, no shame and no blame, according to Kelly. 'The bravest and hardest decision. As a mother, I cannot understand it. As an adoptive mother, I am so grateful for it.' The box has three alarms; once the door is opened, first responders are notified within seconds. 'If someone chooses to use this box, we will see to it that that baby gets to their next phase and there's hope,' said Daphne Fire Chief LeAnn Tacon. So far this year, more than 60 infants have been surrendered across the nation. Son kills mother before being killed by brother: Mobile police Kelly says it is not a matter of 'if' the newest baby box will be used, but when. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-06-2025
- General
- Yahoo
Third Iowa baby surrendered this year
IOWA (KCAU) — Another baby has been surrendered in the State of Iowa under the 'Safe Haven' act. The Iowa Department of Health and Human Services announced the surrender in a press release. They said a baby girl, born on May 23, is now in the custody of the state. She will be placed with a foster family for now. Story continues below Top Story: OSHA has set fines for workplace death in January Lights & Sirens: Nebraska officials find 25 lbs of drugs during I-80 stop Sports: Local IHSAA State Quarterfinal soccer scoreboard Weather: Get the latest weather forecast here She is the third baby to be surrendered under the 2002 law so far in 2025. To surrender a baby under Iowa's Safe Haven Act, he or she must be 90-days old or younger and delivered to a designated location like hospitals and police or fire stations. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
