The yen headed for its first weekly advance in three weeks as increasing tension between Russia and Ukraine spurred investor demand for haven assets.
Japan’s currency traded 0.1 percent from a one-week high versus its U.S. peer after a report today showed the inflation rate was unchanged in July after slowing the previous month. The euro was set for a seven-week slide, the longest stretch in more than a decade, as economists forecast data will signal consumer prices gained at a slower pace before European Central Bank officials gather next week. New Zealand’s dollar weakened after building permits rose less than analysts expected.
“The yen saw buying across the board because of the situation in Ukraine.” said Masato Yanagiya, the head of currency and money trading in New York at Sumitomo Mitsui Banking Corp., a unit of Japan’s second-biggest financial group by market value. “Expectations of further ECB easing will continue to strengthen. The bias for euro selling is intact.”
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.