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Buying The Japanese YenTitle:
Japan gives China's yuan $10 billion stamp of approval
(Reuters) - Japan will buy 65 billion yuan ($10.3 billion) of Chinese government debt, the country's finance minister said on Tuesday, giving China a mark of approval in the credibility of the yuan as an international currency.
Other countries are investing in China through state agencies, but Japan's investment is by far the biggest in the yuan. As a currency with limited convertibility, such bets are symbolic of the shift in global power towards China as the world's fastest-growing major economy.
Despite sometimes rancorous political ties between the two neighbors, Japan's economic fortunes are increasingly tied to China's economic growth and consumer demand.
China is already Japan's biggest trade partner and the two countries hold the world's biggest piles of foreign exchange ...
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Asian shares rise ahead of Fed, BOJ
(Reuters) - Asian stocks rose to their highest in a week, while the dollar hovered below an 11-month high against the yen on Tuesday, supported by recent signs of improvement in the U.S. economy, ahead of a policy decision by the Federal Reserve.
Bank of Japan's policy meeting, which began on Monday, will also remain in focus. The bank is expected to hold rates as the economic outlook and risks have not changed much since its last meeting nearly a month ago.
The dollar held steady at 82.24 yen, not far from a high of 82.65 yen touched on Friday on trading platform EBS after a boost from upbeat U.S. jobs data.
In the stock market, Japan's benchmark Nikkei share average rose 0.9 percent, buoyed by demand for defensive sectors such as real estate, edging close to a seven-month high hit the ...
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Dollar drops before Fed meeting, retail sales data
The dollar dropped against the euro and yen on Monday a day before a Federal Reserve policy meeting, but losses will likely be capped given expectations that the central bank will refrain from further policy easing given signs of a recovering jobs market.
The dollar touched a nearly seven-week high against a basket of currencies, but trade was choppy ahead of the Fed and U.S. retail sales data, a key monthly gauge given consumer spending comprises more than two-thirds of the economy.
With the majority of economists expecting the Fed to maintain its policy of keeping rates near zero through 2014 and refrain from mentioning a third round of bond buying, called quantitative easing, the retail sales data has the potential to sway currency sentiment.
U.S. retail sales data for February is ...
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Dollar hits one-month high versus euro after jobs data
(Reuters) - The dollar hit its highest level in nearly a month versus the euro on Monday after last week's upbeat jobs data suggested the U.S. economy may not be in dire need of further monetary stimulus from the Federal Reserve.
The euro struggled after facing what traders described as a buy-the-rumor-sell-the-fact fall on Greece's bond swap deal with private creditors which will clear the way for a new bailout.
The single currency slipped 0.3 percent to $1.3087, having dipped to as low as $1.3079 at one point on trading platform EBS, the euro's lowest level since February 16.
Possible support for the euro lies near $1.3055, the 50 percent retracement of its January to February rally.
"There's a risk of euro/dollar sustaining a move below $1.31," said Mitul Kotecha, head of global ...
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Euro gains checked by Greek uncertainty, ECB eyed
(Reuters) - The euro climbed on Thursday on better appetite for riskier assets as optimism grew that Greece would secure enough private sector take-up for a critical bond swap, but gains were likely to be checked until its becomes certain the deal will go through.
The euro and the dollar were both higher against the yen after Japan's current account swung to a record deficit for the first time in three years in January, driving some short-term players to sell the Japanese currency.
In Europe, indications are major banks and pension funds are likely to take part in the Greek deal, easing concerns about a chaotic default. But some hedge funds and several Greek pension funds are still holding out, injecting uncertainty before the deadline expires later in the day and likely to keep the euro ...
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Euro clings to gains on Greece, eyes on ECB
(Reuters) - The euro inched up on Thursday on the back of improved global appetite for risk, but gains were likely to be checked by nerves over the level of participation by private creditors in a Greek debt swap crucial to its second international bailout.
The euro and the dollar were both higher against the yen after Japan's current account swung to a record deficit for the first time in three years in January, driving some short-term players to sell the Japanese currency.
In Europe, indications are major banks and pension funds are likely to take part in the Greek deal, easing concerns about a chaotic default. But some hedge funds and Greek pension funds are still holding out, injecting uncertainty before the deadline expires later in the day.
Greece aims to persuade 90 percent of ...
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Yen hurt by Japan current account, Greece in focus
(Reuters) - The yen dipped against the dollar on Thursday in a knee-jerk reaction to data showing Japan's current account swung to a record deficit in January, while risk currencies gained together with stocks on hopes Greece may secure a bond swap deal.
Short-term players sold the Japanese unit after Tokyo posted its first current account deficit in three years. It came in at 437.3 billion yen ($5.41 billion) in January, wider than market estimates of a 317.8 billion yen deficit.
Economists blamed the result on a shift away from nuclear power that pushed up fossil fuel imports and the Chinese Lunar New Year holiday that weighed on exports. However, they saw it as a one-off figure and expect the annual current account to remain in surplus for the next few years.
The dollar climbed 0.3 ...
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Shares recover on Greece bond swap hopes
(Reuters) - Asian shares recovered on Thursday as investors cautiously bet on brightening prospects for Greece to secure a crucial bond swap, and so avoid a messy default, and U.S. data suggesting a recovery in the labor market ahead of key jobs figures.
Other assets, from copper and gold to oil, along with commodity-linked currencies such as the Australian dollar, eked out gains, while the dollar took the back seat as risk sentiment warmed.
The Greek debt swap deal and U.S. nonfarm payrolls, due on Friday, are seen as a test of whether markets can build on the optimism of recent months and overcome patchy growth figures that have dented sentiment.
The European Central Bank is expected to hold interest rates steady at a policy meeting later in the day and some analysts expect an ...
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Euro Rebounds on Greek Debt-Swap Participation at 58%, Yen Falls on Fed's New Approach
The euro rebounded after a report that showed private investors with 58 percent Greek debt holding agreed to participate in the swap deal, spurring more sentiments that were already fueled by better-than-forecasted jobs creation in the U.S according to a private report released this morning.
Risk seekers took the chance after private investors with 58 percent of the Greek bonds are said to approve to participate in the biggest sovereign restructuring in history, driving the debt-stricken nation closer to avoiding a chaotic default.
At least 120 billion euros ($157 billion) of Greece's privately held bond are ready to be written down, as Greece's largest banks, a bunch of the nation's pension funds, and at least 30 European banks gave the final "yes" to accept the offer.
Moving to the ...
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