Dollar extends gains on Fed rate hike expectations - Tokyo HEAD TOPICS

Dollar extends gains on Fed rate hike expectations

10/21/2022 7:36:00 AM

The dollar extended gains on expectations the Federal Reserve will press ahead with its programme of bumper interest rate hikes for the rest of the year

Prime Minister Liz Truss Tokyo

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Yahoo News

The dollar extended gains on expectations the Federal Reserve will press ahead with its programme of bumper interest rate hikes for the rest of the year The dollar extended gains Friday on expectations the Federal Reserve will press ahead with its programme of bumper interest rate hikes for the rest of the year. Even data Friday showing Japanese inflation hit an eight-year high last month -- or more than 30 years when excluding VAT rises -- was unable to change expectations that the central bank will continue to hold firm.With the dollar sitting around 150.20 yen, there is a growing sense that authorities in Tokyo will step in to support their currency, though analysts warned that such moves rarely have a lasting effect. The last intervention was on September 22, when the dollar hit 145.90 yen. Story continues"Truss has no doubt been an unmitigated disaster and I'm not sure who exactly will make the country feel at ease at this point," said OANDA's Craig Erlam.On Thursday, the head of the Philadelphia Fed, Patrick Harker, said:"We are going to keep raising rates for a while. Read more:
Yahoo News » Meteor shower to peak Friday: How to catch a glimpse Orionid meteor shower expected to peak Friday morning Meteor shower to peak Friday: How to catch a glimpse UN to vote Friday on sanctions against Haitian gang leader

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Amazon Black Friday 2022 deals: All of Amazon's best deals so farBlack Friday is here, and some of the best deals come straight from Amazon. Here are the best Amazon Black Friday deals for 2021. Traders were girding for another possible intervention by Tokyo after the yen sank past 150 per dollar, while sterling remained under pressure owing to uncertainty in Westminster after Prime Minister Liz Truss resigned after just six weeks in office.According to NASA , the Orionid meteor shower peaks every year in mid-October, with optimum viewing on Friday.according to EarthSky.According to NASA , the Orionid meteor shower peaks every year in mid-October, with optimum viewing on Friday. The fear that has gripped markets for most of the year returned after a brief respite at the start of the week, sending equity markets back into the red, with a series of better-than-expected earnings results unable to lift the gloom. The dollar burst to a new 32-year high against the yen on Thursday as investors bet the Fed will ramp up borrowing costs much more as it struggles to rein in prices, while the Bank of Japan refuses to budge from its ultra-loose policies citing the need to support the torpid economy. NASA says the meteors travel at about 148,000 mph and leave glowing debris in their wake, which lasts for several seconds to minutes. Even data Friday showing Japanese inflation hit an eight-year high last month -- or more than 30 years when excluding VAT rises -- was unable to change expectations that the central bank will continue to hold firm." With no moon in the night sky, at the Orionids peak, about 15 meteors per hour can be seen. "In October, inflation may reach 3. NASA says the Orionids are viewable in both the Northern and Southern hemispheres after midnight.3 percent or 3. It recommends viewers find an area well away from city lights. 4 percent as many food prices are going up, mobile phone fees are giving a lift and service prices are rising," said Mari Iwashita of Daiwa Securities Co. Onlookers are encouraged to lie flat on the ground with their feet facing southeast if they are in the Northern Hemisphere or northeast if in the Southern Hemisphere.   NASA advises that you"lie flat on your back with your feet facing southeast if you are in the Northern Hemisphere, or northeast if you are in the Southern Hemisphere. "The BoJ seems to focus on downside risks overseas to conclude that it will need to keep up monetary easing. It strikes me that they have already made the decision to maintain easing. Copyright 2022 Gray Media Group, Inc." With the dollar sitting around 150. Halley orbits the sun once every 76 years, and was last seen from Earth in 1986.20 yen, there is a growing sense that authorities in Tokyo will step in to support their currency, though analysts warned that such moves rarely have a lasting effect. Most Read. Most Read. The last intervention was on September 22, when the dollar hit 145.90 yen. Meteors of the Orionid meteor shower streak as they cross through the milkyway in the mountainous area of Tannourine in northern Lebanon, on Oct. - 'Unmitigated disaster' - Finance Minister Shunichi Suzuki again said on Friday that the government was prepared to move and that the recent sudden, one-sided yen weakness was undesirable. Story continues The dollar was also elevated against sterling after another day of drama in London, where Truss gave in to pressure to resign after removing her finance and interior ministers within days and seeing her debt-fuelled, tax-cutting mini-budget torn up. The pound initially rallied on the news but fell back as traders contemplated more drift in government. "Truss has no doubt been an unmitigated disaster and I'm not sure who exactly will make the country feel at ease at this point," said OANDA's Craig Erlam. "There will obviously be calls for a general election but that won't provide any certainty or leadership for the country in the midst of a crisis. It would appear there are only bad options on the table so we probably shouldn't expect a positive outcome." Equity markets fell back again, extending Thursday's losses and tracking another sell-off on Wall Street as expectations for more rate hikes by central banks around the world continue to grow owing to stubbornly high inflation. On Thursday, the head of the Philadelphia Fed, Patrick Harker, said:"We are going to keep raising rates for a while. "Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above four percent by the end of the year", then take a step back in the new year, he said. Observers say the Fed could lift rates to as high as five percent before they take their foot off the pedal, and even then keep them there until officials are happy that prices are under control. They are currently at 3.0-3.25 percent. In early trade, Tokyo, Hong Kong, Sydney, Seoul, Singapore, Wellington, Taipei and Manila were all in the red, though Shanghai and Jakarta edged up. - Key figures around 0230 GMT - Tokyo - Nikkei 225: DOWN 0.2 percent at 26,951.59 (break) Hong Kong - Hang Seng Index: DOWN 0.5 percent at 16,205. 50 Shanghai - Composite: UP 0.1 percent at 3,036.56 Pound/dollar: DOWN at $1.1200 from $1.1224 on Thursday Dollar/yen: UP at 150. 25 yen from 150.19 yen Euro/dollar: DOWN at $0.9772 from $0.9787 Euro/pound: UP at 87.21 pence from 87. 17 pence West Texas Intermediate: UP 0.1 percent at $84.58 per barrel Brent North Sea crude: DOWN 0.1 percent at $92.32 per barrel New York - Dow: DOWN 0. 3 percent at 30,333.59 (close) London - FTSE 100: UP 0.3 percent at 6,943.91 (close) dan/dhc .