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Dollar Rides Surge in Treasury Yields, Yen Treads Near Key 150 Level

Clayton Lee

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Dollar rides surge in Treasury yields, yen treads near key 150 level By Reuters

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Forex 10 minutes ago (Oct 19, 2022 10:55PM ET)

(C) Reuters. FILE PHOTO: Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration

By Rae Wee

SINGAPORE (Reuters) – The dollar loomed over major peers on Thursday as Treasury yields peaked at multi-year highs, while the yen tumbled to a fresh 32-year low and kept markets on high alert for any signs of an intervention.

Scorching inflation prints from Britain, Canada and New Zealand this week also showed that central banks across the globe are far from taming decades-high inflation even at the expense of stifling growth, stoking recession fears and fuelling demand for the safe haven dollar.

Against the rising greenback, the yen again breached a new 32-year low. The pound, the euro and the antipodean currencies were likewise all suffering losses in early Asia trade.

The U.S. dollar index was up 0.05% to 113.04, after a nearly 1% surge overnight.

The benchmark U.S. 10-year Treasury yield rose to 4.148%, its highest level since mid-2008, while the two-year Treasury yields touched a 15-year high of 4.58%.

“You still can’t write off the U.S. dollar, I’m still not convinced that we’ve necessarily seen the highs for this cycle,” said Ray Attrill, head of FX strategy at National Australia Bank (OTC:NABZY) (NAB).

The Japanese yen hit a fresh trough of 149.96 per dollar, and last bought 149.95.

The fragile yen has been on a losing streak for 11 straight sessions as of Wednesday’s close, and has renewed 32-year lows for the past six sessions.

“Looks like it’s the rabbit caught in the headlights at the moment,” said NAB’s Attrill.

“Given that Treasury yields have moved decisively above 4%, were it not for the threat of intervention, then I think dollar/yen would already be trading north of 150.”

Last month, Japan intervened in the foreign exchange market to buy yen for the first time since 1998, in an attempt to shore up the battered currency.

Elsewhere, sterling fell 0.2% to $1.12005, even as data released on Wednesday showed that the biggest jump in food prices since 1980 pushed British inflation back into double digits last month.

The inflation numbers continue a turbulent week for the pound, after Jeremy Hunt earlier this week scrapped Prime Minister Liz Truss’s economic plan and scaled back her vast energy subsidy.

The euro was down 0.1% to $0.9762.

The Aussie fell 0.2% to $0.6258, while the kiwi was 0.36% lower at $0.5656.

Data on Thursday showed that Australia’s jobless rate stayed near five-decade lows at 3.5% in September, though there was a potential sign of loosening in the very tight labour market as employment rose by much less than expected.

Dollar rides surge in Treasury yields, yen treads near key 150 level

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Alaska’s Murkowski, Peltola Win Reelection in Latest Trump Rebuke

Clayton Lee

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Alaska Republican Lisa Murkowski wins re-election to U.S. Senate By Reuters

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Politics 8 minutes ago (Nov 23, 2022 08:30PM ET)

(C) Reuters. FILE PHOTO: Republican U.S. Senator Lisa Murkowski from Alaska, running for re-election to the U.S. Senate in the 2022 U.S. midterm elections, appears in an undated handout photo received October 5, 2022. Lisa Murkowski/Handout via REUTERS

WASHINGTON (Reuters) -Republican Senator Lisa Murkowski of Alaska has won reelection, defeating Kelly Tshibaka, a former Republican state official who was endorsed by former President Donald Trump, a tabulation carried out by state officials showed on Wednesday.

Murkowski, 65, has represented Alaska in the Senate since 2002 and has built an independent profile as one of the chamber’s few centrists. Her victory is another setback for Trump, who saw several of his preferred candidates defeated in the Nov. 8 midterm elections.

Murkowski defeated Tshibaka after Alaska finished tabulating all ballots in a publicly broadcast session using its new “ranked choice” system, which allows voters to list candidates in order of preference.

In each round of counting, the candidate with the lowest share of votes is eliminated and the ballots which ranked them first are then redistributed. The candidate with a majority of votes after all ballots have been counted wins.

She would have won even under the old system, as she had a slight edge on Tshibaka after the first round of counting.

Murkowski was the first Republican senator to call for Trump’s resignation after his supporters attacked the U.S. Capitol on Jan. 6, 2021, in an attempt to prevent Congress from certifying Democrat Joe Biden’s 2020 election victory. She later voted to impeach him.

She won reelection as a write-in candidate in 2010 after her party nominated a more right-wing contender.

Alaska Republican Lisa Murkowski wins re-election to U.S. Senate

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Sri Lanka Central Bank Holds Rates Steady, Says Mkt Interest Rates Must Fall

Clayton Lee

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Sri Lanka cenbank holds rates steady as expected amid slowing inflation By Reuters

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Economy 8 minutes ago (Nov 23, 2022 09:31PM ET)

(C) Reuters. FILE PHOTO: People walk past the main entrance of the Sri Lanka’s Central Bank in Colombo, Sri Lanka March 24, 2017. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) – Sri Lanka’s central bank held rates on Thursday, adding it expects a moderation in market interest rates in line with the prevailing policy interest rates.

The Standing Lending Facility rate was held steady at 15.50% while the Standing Deposit Facility Rate was kept unchanged at 14.50%.

“The Board was of the view that the prevailing tight monetary policy stance is necessary to rein in any underlying demand pressures in the economy,” the central banks said in a statement.

Sri Lanka cenbank holds rates steady as expected amid slowing inflation

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S.Korean central bank hikes rates by 25 bps, slows tightening paceBy Reuters – Nov 23, 2022

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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U.S. FDA Denies Australian Dairy Accelerated Approval to Sell Infant Formula

Clayton Lee

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U.S. FDA denies Australian Dairy accelerated approval to sell infant formula By Reuters

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World 12 minutes ago (Nov 16, 2022 09:45PM ET)

(Reuters) -Australian Dairy Nutritionals Group said on Thursday its application for accelerated approval to vend the dairy firm’s branded infant formula in the United States has not been accepted by the country’s Food and Drug Administration (FDA).

Antipodean dairy companies have been queuing up for necessary approvals since May after the United States faced a nationwide shortage of baby food.

The FDA’s temporary approval process was only available until Nov. 14, but the dairy firm can now apply for registration via a normal process to sell the infant milk formula products, it said.

“We are advanced in preparing our toddler milk – stage 3 – for launch in the United States next year,” it added.

New Zealand’s a2 Milk Co earlier this month received approval to export infant milk formula to the United States.

U.S. FDA denies Australian Dairy accelerated approval to sell infant formula

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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