{"id":51402,"date":"2023-08-22T03:01:09","date_gmt":"2023-08-22T07:01:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-eases-before-jackson-hole-yen-rises-amid-intervention-jitters\/"},"modified":"2023-08-22T03:01:11","modified_gmt":"2023-08-22T07:01:11","slug":"dollar-eases-before-jackson-hole-yen-rises-amid-intervention-jitters","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51402","title":{"rendered":"Dollar eases before Jackson Hole, yen rises amid intervention jitters"},"content":{"rendered":"
\n

By Kevin Buckland<\/p>\n

TOKYO (Reuters) – The U.S. dollar eased back from a 10-week peak versus major peers on Tuesday, even as Treasury yields marched to fresh post-financial crisis highs, as traders awaited a potentially crucial speech from Federal Reserve Chair Jerome Powell later this week.<\/p>\n

The\u00a0yen pulled away from a nine-month trough after Bank of Japan Governor Kazuo Ueda met with the prime minister, although he said exchange-rate volatility was not discussed.<\/p>\n

briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly.<\/p>\n

The – which measures the currency against six developed-market counterparts, including the yen and – slipped 0.14% to 103.18, but remained not far from Friday’s high of 103.68, a level not seen since June 12.<\/p>\n

“Surging long-term U.S. yields and the underwhelming response by China’s policymakers to ongoing stresses in China’s property and financial markets continue to provide bullish impulse” to the U.S. dollar, Richard Franulovich, a currency strategist at Westpac, wrote in a note.<\/p>\n

“If Chair Powell keeps the door ajar to (rate) hikes,” in his speech on Friday at the central bank’s annual symposium in Jackson Hole, Wyoming, “a new front for US$ upside can form,” with the potentially breaking above 104, he said.<\/p>\n

Benchmark U.S. Treasury yields pushed to the highest since November 2007 at 4.366%, as the view that U.S. rates will stay high for longer continued to firm in the market’s mind.<\/p>\n

Money markets currently lay a bit less than 50\/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year.<\/p>\n

The pair, however, shook off the rise in U.S. yields to trade 0.22% lower at 145.935. Traders are wary of intervention after levels around 146 spurred the first yen buying by Japanese officials in a generation last September.<\/p>\n

On Thursday, the dollar reached 146.565 yen for the first time since Nov. 10.<\/p>\n

The euro added 0.15% to $1.0912. Sterling gained 0.16% to $1.27765.<\/p>\n

Meanwhile, China’s central bank set the yuan mid-point at 7.1992 per dollar on Tuesday, 1105 pips firmer than Reuters’ estimate, attempting to keep a floor under the currency following its slide to a 9-1\/2-month low of 7.349 in offshore trading last week.<\/p>\n

Tuesday’s fixing follows shallower and narrower interest rate cuts than markets had expected a day earlier, as Beijing stimulus measures continue to underwhelm despite increasing problems in the property sector and the economy as a whole.<\/p>\n

The was little changed at 7.2934, after firming as much as 0.25% after the fixing.<\/p>\n

The Australian dollar, which often trades as a proxy to China, was also little changed at $0.6417.<\/p>\n

The Aussie has grinded higher in recent sessions after dropping to a 9-1\/2-month low of $0.6365 on Thursday.<\/p>\n

“It will likely take a big Chinese stimulus package focused on commodity\u2011intensive infrastructure spending to turn around the downtrend in ,” Kristina Clifton, senior currency strategist at Commonwealth Bank of Australia, wrote in a note, adding there is a “growing risk” for a dip below $0.60 this year.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Kevin Buckland TOKYO (Reuters) – The U.S. dollar eased back from a 10-week peak versus major peers on Tuesday, even as Treasury yields marched to fresh post-financial crisis highs, as traders awaited a potentially crucial speech from Federal Reserve Chair Jerome Powell later this week. The\u00a0yen pulled away from a nine-month trough after Bank […]<\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-51402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar eases before Jackson Hole, yen rises amid intervention jitters | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Kevin Buckland TOKYO (Reuters) - The U.S. dollar eased back from a 10-week peak versus major peers on Tuesday, even as Treasury yields marched to fresh\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=51402\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar eases before Jackson Hole, yen rises amid intervention jitters | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Kevin Buckland TOKYO (Reuters) - 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