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Home Forex News

FOREX-Sterling & Yen Update

Admin by Admin
October 17, 2022
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Sterling edged higher on Monday following British Prime Minister Liz Truss’s partial reversal of her government’s economic plan. While the yen was pinned near a 32-year low as markets awaited signs of intervention from Japanese authorities.

The pound GBP=D3 gained 0.6% to $1.1245 in early Asia trade. Britain’s corporation tax will rise to 25% from April next year instead of keeping it at 19% as part of her government’s initial mini-budget.

All eyes are now on how the UK government bond market will trade, after the Bank of England on Friday concluded its emergency gilt market support.

Meanwhile, the yen JPY=EBS was last 0.2% stronger at 148.48 per dollar, but stayed not far off its 32-year low of 148.86 hit on Friday, on the back of rising U.S. Treasury yields and the surging dollar. The U.S. dollar index =USD, which measures the greenback against a basket of currencies including the yen, firmed at 113.02.

Japan last month intervened to buy the yen for the first time since 1998, after the Bank of Japan stuck with ultra-low interest rates, which prompted the yen’s slide to 145.90 per dollar. Elsewhere, the euro EUR=EBS gained 0.26% to $0.9748, while the Australian and New Zealand dollars bounced mildly from recent losses.

The Aussie AUD=D3 was up 0.35% at $0.6225, while the kiwi NZD=D3 edged 0.23% higher to $0.5575, after having both fallen to new 2-1/2-year lows last week. The Chinese offshore yuan CNH=D3 last bought 7.2150 per dollar.

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