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PT Solid Gold Berjangka | Dollar Gains With Yields on Fedspeak, Yen Weakens

02:45 09 February in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP by admin_sgb_tcc
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USD GBP/USD EUR/USD USD/JPY, AUD/USD, USD/CHF PT SGB SOLID GROUP SG BERJANGKA SOLID GOLD BERJANGKA

Solid Gold Berjangka | This passage provides a detailed overview of recent movements and factors influencing various currencies in the foreign exchange market. Here’s a summary of the key points:

  1. US Dollar (USD):
    • The greenback edged up against other currencies, supported by rising Treasury yields and higher oil prices.
    • Federal Reserve Bank of Richmond President Thomas Barkin emphasized patience regarding rate cuts due to a strong labor market and continued disinflation.
    • Implied volatilities for most G-10 currencies decreased, reaching a new two-year low for the Bloomberg Dollar Spot Index.
    • The USD/JPY pair rose to its highest level since Nov. 27, driven by higher Treasury yields and dovish Bank of Japan comments.
  2. Japanese Yen (JPY):
    • The yen traded defensively following dovish-leaning comments from the Bank of Japan’s Deputy Governor Shinichi Uchida.
    • Uchida mentioned that interest rate increases, if decided, won’t be continuous or rapid, even if the central bank halts its negative interest rate policy.
  3. Euro (EUR):
    • The EUR/USD pair edged up slightly after falling earlier, influenced by real money and speculative sales.
    • Risk reversals for the euro were least bearish in two weeks.
    • The European Central Bank’s Chief Economist Philip Lane stated that more assurance of inflation returning to its target is needed for policymakers to consider lowering interest rates.
  4. British Pound (GBP):
    • GBP/USD slipped amid short-covering in EUR/GBP.
    • The pound was supported by higher gilt yields, following comments from Bank of England policymaker Catherine Mann indicating a finely balanced decision for a UK interest-rate hike.
  5. Swiss Franc (CHF):
    • USD/CHF declined slightly, pulling back from a near two-month high.
    • EUR/CHF also decreased.
  6. Australian Dollar (AUD):
    • AUD/USD declined due to lower US metal prices and a weaker offshore yuan.
  7. Global Factors:
    • Crude oil prices rose after the US imposed sanctions on shippers of Russian crude.
    • US metal prices were lower, affecting the Australian dollar.

This summary encapsulates the major currency movements and influences described in the provided passage.

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