Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Dollar hits 38-year high vs yen; stocks mostly ease

Dollar hits 38-year high vs yen; stocks mostly ease

By Caroline Valetkevitch

NEW YORK (Reuters) -The dollar hit a fresh 38-year high against the Japanese yen on Wednesday, with investor speculation high that Japanese authorities could intervene to strengthen the currency, while global stock indexes were mostly lower.

Japan’s top currency diplomat, Masato Kanda, said Japanese authorities were “seriously concerned and on high alert” about the yen’s rapid decline.

In April, a fall to 160.245 per dollar was enough to prompt Tokyo to spend roughly 9.8 trillion yen to support the yen.

The latest slide follows the Bank of Japan’s (BOJ) decision this month to hold off on reducing bond-buying stimulus until its July meeting.

The dollar was last up 0.6% at 160.62 yen.

The dollar index, which measures the greenback against a basket of currencies, gained 0.27% to 105.95, with the euro down 0.21% at $1.0689.

On Wall Street, the Dow and S&P 500 eased as the Nasdaq gained.

Artificial intelligence chip leader Nvidia was down slightly. A sell-off in the previous session wiped $430 billion off its market value.

The Dow Jones Industrial Average fell 128.53 points, or 0.33%, to 38,981.88, the S&P 500 lost 10.58 points, or 0.19%, to 5,458.72 and the Nasdaq Composite gained 24.56 points, or 0.13%, to 17,740.55.

MSCI’s gauge of stocks across the globe fell 1.82 points, or 0.23%, to 801.95. The STOXX 600 index fell 0.55%.

Investors are looking for clues on how soon the Federal Reserve could begin to cut interest rates.

Fed officials have urged patience on interest rate cuts. Fed Governor Michelle Bowman has reiterated her view that holding the policy rate steady “for some time” would probably be enough to bring inflation under control.

Investors await Friday’s release of the U.S. personal consumption expenditures (PCE) price index, the Fed’s preferred inflation measure, with economists polled by Reuters expecting the annual growth to ease to 2.6% in May.

U.S. Treasury yields rose amid a pick up in inflation in other countries.

On Wednesday, Australia consumer inflation accelerated to a six-month high in May.

The yield on benchmark U.S. 10-year notes rose 7.4 basis points to 4.312%, from 4.238% late on Tuesday.

U.S. crude lost 0.4% to $80.49 a barrel and Brent fell to $84.78 per barrel, down 0.27% on the day.

(Additional reporting by Samuel Indyk and Ankur Banerjee; Editing by Shri Navaratnam, Himani Sarkar, Alex Richardson and Gareth Jones)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts