Japan’s yen climbed after a speech by central bank Governor Haruhiko Kuroda, and the cost of insuring Japanese debt against default fell the most in two weeks. Asian energy producers retreated as oil held declines before a meeting of crude-producing countries tomorrow.
The yen gained against all 16 major peers by 12:30 p.m. in Tokyo, climbing as least 0.8 percent against the Australian and New Zealand dollars amid declining commodity prices. Santos Ltd. led declines among oil producers as Brent crude weakened 0.2 percent in London. Chinese shares in Hong Kong slipped after surging the most in a year yesterday as the country’s central bank cut interest rates. Standard & Poor’s 500 Index futures dropped 0.1 percent.
The Bank of Japan is commited to achieving its target of 2 percent inflation and that will make it costly for companies to hoard cash, Kuroda said in a speech to business leaders in Nagoya. A U.S. home-price gauge is due today, along with the Federal Reserve’s preferred inflation measure, while gross domestic product growth in the three months through Sept. 30 is likely to be revised lower. A final reading on German third-quarter economic expansion is due after data yesterday showed an unexpected increase in business confidence.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.