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Home»Finance»Yen climbs on BOJ outlook, yuan helped by prospect of trade deal
Finance

Yen climbs on BOJ outlook, yuan helped by prospect of trade deal

February 20, 2025No Comments4 Mins Read
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Yen climbs on BOJ outlook, yuan helped by prospect of trade deal
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By Rae Wee

SINGAPORE (Reuters) – The yen hit its strongest degree in over two months on Thursday as buyers ramped up bets on additional fee hikes from the Financial institution of Japan (BOJ) this yr, whereas considerations about new tariff threats from U.S. President Donald Trump saved markets on edge.

The yuan bought a elevate after Trump stated “it is potential” for the U.S. and China to have a brand new commerce deal and stated he anticipated Chinese language President Xi Jinping to go to america, although he didn’t give a timeline for the journey.

The yen rose greater than 0.8% to the touch a excessive of 150.15 per greenback on Thursday, extending its features from the earlier session.

BOJ Governor Kazuo Ueda stated on Thursday he met Japanese Prime Minister Shigeru Ishiba for a daily trade of views on the financial system and monetary markets, nevertheless the 2 didn’t focus on latest rises in long-term rates of interest.

“I do not suppose there is a single trigger,” Financial institution of Singapore foreign money strategist Moh Siong Sim stated of the yen’s surge.

“Ueda did say he did not focus on rising yields with Ishiba, so maybe that bought individuals excited to suppose that the latest rise within the yields that supported the yen wasn’t a priority, and due to this fact it is a inexperienced gentle for extra yen energy and maybe a BOJ hike fairly quickly.”

Traders have been step by step including to bets that the BOJ may hike charges sooner quite than later, notably as latest home information have supported the case for additional coverage tightening.

In China, the onshore yuan rose greater than 0.2% to 7.2682 per greenback, whereas its offshore counterpart equally ticked up 0.2% to 7.2686.

The Trump administration’s tariff threats have weighed on the yuan in latest months, so the president’s newest feedback a few potential commerce deal eased investor worries a few additional deterioration in Sino-U.S. tensions within the brief time period, foreign money merchants stated.

All of that left the greenback below strain on Thursday.

The dollar has traded sideways over the previous few periods on the shortage of concrete actions from Trump over his tariff threats, although still-cautious investor sentiment capped the foreign money’s losses.

Geopolitics additionally loomed giant after Trump referred to Ukrainian President Volodymyr Zelenskiy as a “dictator” amid talks to finish the Russia-Ukraine warfare.

Sterling hovered close to a two-month high and was final 0.09% increased at $1.2597.

The euro ticked up 0.06% to $1.0428, after having fallen within the earlier session as high policymakers on the European Central Financial institution took opposing views on inflation danger and on how a lot the financial institution is holding again financial development.

In opposition to a basket of currencies, the greenback fell 0.16% to 107.01.

Trump on Wednesday stated he’ll announce tariffs over the subsequent month or sooner, including lumber and forest merchandise to beforehand introduced plans to impose duties on imported vehicles, semiconductors and prescribed drugs.

“He is been in workplace for a few month now, initially we have seen huge impacts of his bulletins on tax insurance policies on monetary markets, and I believe markets have adjusted to his fashion … and likewise his transactional method to policymaking,” stated foreign money strategist Carol Kong at Commonwealth Financial institution of Australia.

“He loves utilizing tariffs as a negotiating tactic, so what he says could also be totally different to what’s truly imposed.”

In different currencies, the Australian greenback final traded 0.28% increased at $0.6363 after a combined jobs report which confirmed employment outpaced forecasts for a second successive month in January, but the unemployment fee nonetheless ticked increased.

The New Zealand greenback gained 0.26% to $0.5720.

Reserve Financial institution of New Zealand Governor Adrian Orr stated on Thursday there would should be an financial shock for the financial institution to chop its coverage rate of interest by 50 foundation factors once more because it did at its newest assembly this week.

(Reporting by Rae Wee; Enhancing by Christopher Cushing and Sonali Paul)

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