Yen moves in a positive zone on Japanese interest rate prospects
The Japanese yen rose in Asian trade on Friday against a basket of major rivals, moving in a positive zone for the second session against the dollar away from recent four-month lows, on fresh prospects for Japanese interest rates.
The odds of a Japanese interest rate hike in December rose once more after bullish remarks from Bank of Japan Governor Kazuo Ueda, in addition to recent forecast-beating inflation data for October.
The Price
The USD/JPY pair fell 0.4% today to 153.96 yen per dollar, with a session-high at 154.53.
The yen rose 0.55% on Thursday against the dollar, the first profit in three days, moving away from four-month lows at 156.74.
Ueda
Bank of Japan Governor Kazuo Ueda said the BOJ will check data before taking its interest rate decision next month, and will consider carefully the impact of yen’s movements on economic outlook and prices.
Ueda noted that inflation is rising sustainably, pushed by higher wages, and warned from keeping borrowing costs too low.
Main Inflation
Earlier Tokyo data showed consumer prices rose 2.3% in October, beating estimates of 2.2%.
Japanese Rates
Following the data and remarks, the odds of a BOJ interest rate hike in December rose from 54% to 60%.
According to a Reuters Survey done last week, 56% of economists expect the BOJ to raise interest rates once more in December, while 90% of economists expect it to raise rates by 50% by the end of March 2025.
Ethereum spikes over 9%
Ethereum surged on Thursday as the risk appetite rallied in the markets with investors rushing into crypto assets.
New York Fed President John Williams said in a recent interview that US inflation is falling towards the 2% target in tandem with lowering interest rates.
Earlier data showed US unemployment claims fell to 213 thousand last week, a seven-month low, from 219 thousand in the previous reading.
The situation in eastern Europe remains on a knife’s edge after the US and its allies allowed Ukraine to use western missiles to hit deep into Russia.
Otherwise, US President-elect Donald Trump vowed during his election campaign to make the US the world’s crypto capital, and replace the head of the SEC and take a more supportive stance on crypto regulation.
Ethereum
On trading, ethereum rallied 9.6% on Coinmarketcap as of 19:56 GMT to $3354.8.
US dollar extends gains after upbeat data
The US dollar rose against most major rivals on Thursday and extended the gains after positive data.
New York Fed President John Williams said in a recent interview that US inflation is falling towards the 2% target in tandem with lowering interest rates.
Earlier data showed US unemployment claims fell to 213 thousand last week, a seven-month low, from 219 thousand in the previous reading.
The situation in eastern Europe remains on a knife’s edge after the US and its allies allowed Ukraine to use western missiles to hit deep into Russia.
On trading, the dollar index rose 0.3% as of 19:36 GMT to 107.04, with a session-high at 107.1, and a low at 106.4.
Aussie
The Australian dollar rose 0.1% against the greenback to 0.6515 as of 19:50 GMT.
Loonie
The Canadian dollar rose 0.1% against its US counterpart to 0.7161.
Gold climbs, dollar and stocks gain ground
Gold prices rose on Thursday even as the dollar rose against most major rivals alongside the stock market.
New York Fed President John Williams said in a recent interview that US inflation is falling towards the 2% target in tandem with lowering interest rates.
Earlier data showed US unemployment claims fell to 213 thousand last week, a seven-month low, from 219 thousand in the previous reading.
The situation in eastern Europe remains on a knife’s edge after the US and its allies allowed Ukraine to use western missiles to hit deep into Russia.
Otherwise, the dollar index rose 0.3% as of 19:36 GMT to 107.04, with a session-high at 107.1, and a low at 106.4.
On trading, gold spot prices rose 0.9% to $2675 an ounce as of 19:37 GMT.