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...Indonesia’s central bank stepped in to support the rupiah on Tuesday, while the Indian rupee slumped to a record low, as a surging dollar sparked a rout in emerging market currencies....
...After Thursday’s announcement, sterling fell against the dollar to trade down 0.9 per cent on the day at $1.267....
...On Thursday, the European Central Bank signalled it was still on course to deliver interest rate cuts in June....
...The People’s Bank of China set a stronger renminbi reference rate on Thursday, fixing the trading midpoint at Rmb7.102 a dollar in an attempt to discourage sales of the renminbi against the dollar....
...China’s onshore renminbi was largely flat, edging down 0.01 per cent to Rmb7.23 ahead of the daily rate fixing announcement from the People’s Bank of China....
...The Canadian dollar hit its weakest level against its US counterpart since late November after the country’s jobs report came in softer than expected ahead of next week’s central bank meeting....
...In reality, a resumption of the currency wars of the 2000s and 2010s is unlikely to do much to reduce the US deficit nor undermine the dollar’s global role in bank funding, payment systems and reserves....
...China’s currency weakened 0.6 per cent against the dollar to Rmb7.26, its lowest level since November, after a central bank official said there was room for more monetary easing....
...China’s renminbi also strengthened after the People’s Bank of China set the midpoint for trading the currency at Rmb7.0996 a dollar, stronger than estimates....
...The yen weakened 0.8 per cent against the dollar to ¥150.36 for the day....
...The largest US banks lent billions of dollars less in the first quarter, in a sign that corporate borrowers are paying down debt as interest rates hover at historically high levels....
...its allies to freeze hundreds of billions in central bank assets — had, “if anything”, bolstered the dollar’s global status....
...That dampened hopes that the European Central Bank might begin cutting interest rates soon. The euro was flat at $1.0835....
...Chart of the week: King Dollar This year is not working out so well for dollar bears. Again. Here’s how other major currencies have performed against the dollar this year....
...What is Banga’s World Bank doing for us?...
...The yen has been weakening since the beginning of 2024 as traders downplay the likelihood of a near-term interest rate increase by the Bank of Japan....
...Bank at a lower cost....
...Japanese equities fell ahead of a decision from the country’s central bank on whether to raise rates for the first time since 2007, but losses were larger for other major Asian bourses in early trading....
...John Mushayavanhu, governor of the southern African nation’s central bank, admitted on Friday that money printing had wrecked the five-year-old Zimbabwe dollar as he launched the ZiG, its replacement....
...High interest rates have been good for America’s biggest banks, which have reaped billions of dollars in profits over the past two years by passing on interest rate rises to depositors more slowly than borrowers...
...The yen rallied to its strongest against the dollar since early February on Thursday, as strong wage data and positive central bank commentary convinced traders that the Bank of Japan could scrap its negative...
...“If dollar-yen trades above the 152 level, the risk of yen-buying intervention would rise significantly,” said Goto....
...Others, such as the European Central Bank, are still fretful over inflation and have kept rates steady in recent decisions. The Swiss franc fell 1.2 per cent against the US dollar after the move....
...Sterling extended early losses against the dollar to trade down 0.4 per cent on the day at $1.273 after the Bank of England held rates at a 16-year high of 5.25 per cent for the fifth consecutive meeting...
...The currency also sank to its weakest level against the dollar since mid-November....
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