Showing posts with label The Dollar. Show all posts
Showing posts with label The Dollar. Show all posts

Feb 11, 2021

The Dollar: Dollar Steasies after soft US Inflation.

Dollar steadies after soft U.S. inflation, dovish Fed


The dollar fell during a quiet Asian session on Thursday, after softer-than-expected U.S. inflation data for January and a reiteration of the Federal Reserve's dovish policy stance, but recovered some losses as European markets opened.

U.S. core inflation last month was zero, data showed on Wednesday, against market expectations of 0.2%.

Federal Reserve Chair Jerome Powell said that while he expected base effects and pent-up demand when the economy fully reopens to boost inflation, that was likely to be transitory, citing three decades of lower and stable prices.

Powell also reiterated that the central bank's new policy framework could accommodate annual inflation above 2% for some time before raising rates, reinforcing market expectations of weak returns from the dollar.

Currency market moves were small overnight but the dollar fell close to two-week lows against a basket of currencies.

At 0805 GMT, it was lower on the day at 90.411, having recovered some overnight losses as European markets opened.

"Any shift in the policy stance (to a hawkish, less accommodative side) is not imminent, US front end rates are to remain anchored, the US curve is set to steepen further and real rates are to remain deeply negative," ING FX strategists wrote in a note to clients.

"As the global economy starts its post winter recovery in Q2, this suggests more upside to cyclical currencies, while negative US real rates should also offer helping hands to the low yielding ones, such as EUR vs the dollar," they said.

At 0806 GMT, the euro was little changed against the dollar, at $1.2121.

The Australian dollar — which is seen as a liquid proxy for risk appetite — was up 0.3% at 0.7743 versus the dollar, having come close to a two-week high overnight.

The British pound was little changed at $1.3825, a below the three-year high of $1.3865 reached on Wednesday.

Oil prices fell, giving up some recent gains after Brent crude strengthened for 9 sessions in a row. The commodity-linked Norwegian crown eased off from Wednesday's one-year high against the euro and the pair changed hands at 10.261 at 0817 GMT.

Elsewhere, U.S. President Joe Biden and his Chinese counterpart Xi Jinping spoke for the first time since the U.S. election. Biden said a free and open Indo-Pacific was a priority and raised concerns about China's actions in Hong Kong, Xinjiang and Taiwan.

"President Biden seems to lay a ground of his China approach which might be somewhat different from Trump in a few aspects, but the bottom line is US sees China as a `strategic competitor'," Commerzbank senior economist Hao Zhou wrote in a note to clients.

With China's markets closed, the yuan showed little reaction to the phone call.

Bitcoin was trading at around $44,682 at 0825 GMT. The cryptocurrency, which is sometimes viewed as a hedge against inflation, has fallen around 7% since Tuesday's record high. Ethereum also dropped from recent record highs.

Feb 1, 2021

The Dollar

Dollar falters as stocks rally, risk currencies gain


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    Oct 29, 2020

    Currencies | The Dollar: Dollar holds ground as rising Covid-19 cases boost safe-haven demand


    2-3 minutes - Source: CNBC

    A £10 note is seen alongside euro notes and US dollar bills.

    A £10 note is seen alongside euro notes and US dollar bills.

    Matt Cardy | Getty Images

    The dollar held gains against a basket of major currencies on Thursday as escalating coronavirus cases in Europe stoked investor fears that fresh lockdowns would further hit the already fragile economic recovery.

    The safe-haven greenback steadied against a basket of six currencies at 94.05, up 0.7% on the day.

    Concerns of further damage to the economy grew as France and Germany went back into lockdown on Wednesday, as a massive second wave of coronavirus cases threatened to overwhelm Europe.

    “The vibe is similar to what it was like in late February to early March,” said Rikiya Takebe, senior strategist at Okasan Online Securities, referring to the time when the coronavirus started to spread in the U.S. and Europe.

    “Back then, there was a shift to dollar-buying to prevent risks in case of emergency, leading to a higher dollar. I think the current move on the market is somewhat the same,” he said.

    The euro changed hands at $1.1657 per dollar. It dropped against the Japanese yen, last fetching 122 yen.

    Traders also braced for volatility with the U.S. election less than a week away, while the country, like Europe, also faces an increase in coronavirus infections.

    With former Vice President Joe Biden consistently leading in the polls over President Donald Trump, traders are cautiously betting on his victory and a possible “blue wave” outcome, where Democrats control both chambers of Congress.

    “While Biden is taking the lead, Trump has been catching up in some parts of swing states,” said Shinichiro Kadota, senior strategist at Barclays.

    “There is certainly a possibility of a higher volatility in the market if it becomes a closer battle, involving risks such as full results not being released (on the election day),” he said.

    Oct 19, 2020

    Currencies | The Dollar: Dollar eases on cautious optimism around U.S. fiscal package


    U.S. dollar and Chinese yuan bank notes are arranged for a photograph on September 7, 2017.

    U.S. dollar and Chinese yuan bank notes are arranged for a photograph on September 7, 2017.

    StudioEAST | Getty Images

    The dollar edged lower on Monday as investors were cautiously optimistic that an agreement in Washington on a fiscal stimulus package could be reached ahead of the Nov. 3 U.S. election, and that a coronavirus vaccine will be ready by year-end.

    The dollar index declined 0.3%, giving back some of its 0.7% gain from last week when a global surge in coronavirus cases and an impasse over the stimulus package stoked caution.

    The softness in the safe-haven greenback came after House Speaker Nancy Pelosi said that she believed stimulus legislation could be pushed through before Election Day, while acknowledging an agreement would have to come by Tuesday for that to happen.

    “There is growing optimism that there is going to be one last strong attempt to get a stimulus deal,” said Edward Moya, senior market analyst at Oanda in New York.

    The markets “are not holding their breath, but there’s hope that once we get past the election, something will be able to get done so that we don’t have to wait until February, which would be way too long for a lot of small businesses and families,” he said.

    The dollar index traded in a tight range of 93.207 to 93.767, and from a technical perspective, is likely to remain range-bound this week, said Marc Chandler, chief market strategist at Bannockburn Global Forex.

    Boosting overall market sentiment, drugmaker Pfizer Inc said on Friday it could potentially have a coronavirus vaccine ready in the United States by the end of the year.

    Elsewhere, sterling rose 0.22% versus the dollar to $1.2952 as hopes grew that British and European negotiators might be able to salvage post-Brexit trade talks.

    “It could well be the case that an agreement will be reached at the last hour, as markets appear to be expecting, but the lack of progress seen recently highlights the distinct possibility that no deal is achieved,” ANZ Research said in a client note.

    Euro/dollar rose 0.44% to $1.1770, while dollar/yen dipped 0.03% to 105.38.

    Asia’s trade-exposed currencies held firm on Monday as data showed China’s economic rebound from the pandemic accelerated in the third quarter, with the yuan surging to a fresh 1-1/2-year high against the dollar.

    China’s gross domestic product grew 4.9% in the period ended Sept. 30 from a year earlier, slower than analysts’ forecast, but faster than the second quarter and helped by strong gains in industrial output and a rise in retail sales.

    The Chinese currency touched 6.6737 against the U.S. dollar in the offshore market, its strongest since March 2019, before easing back 0.29%.

    The yuan has benefited in the last few months from hopes that Democrat Joe Biden will win the presidential election, as he is seen as less of a threat to U.S.-China relations than Republican President Donald Trump.

    Lee Hardman, currency analyst at MUFG, said “the renminbi, other Asian and commodity-related currencies should continue to benefit,” noting that the spread of COVID-19 in Asia remains more contained than in the rest of the world and that points to “a continuation of cyclical outperformance” there.

    The Australian dollar dipped 0.18% to $0.7066, while the New Zealand dollar firmed 0.08% to $0.6609.

    New Zealand Prime Minister Jacinda Ardern won re-election on Saturday, delivering the biggest election victory for her center-left Labour Party in half a century.

    Oct 12, 2020

    Currencies | The Dollar: Dollar index holds near 3-week lows; yuan drops


    3-4 minutes - Source: CNBC

    US dollar and Chinese yuan arranged for a photograph on September 7, 2017.

    US dollar and Chinese yuan arranged for a photograph on September 7, 2017.

    studioEAST | Getty Images

    The dollar index held near three-week lows on Monday as optimism over the possibility of a COVID-19 relief bill was curbed by concern over the pandemic while China’s yuan fell after the People’s Bank of China (PBOC) changed its reserve requirements policy.

    On Sunday, the Trump administration called on Congress to pass a stripped-down coronavirus relief bill using leftover funds from an expired small-business loan program, as negotiations on a broader package continue to run into roadblocks.

    The greenback has held within a range of about 2% over the past three weeks as talks have gone back and forth. The dollar had its biggest loss in six weeks on Friday amid rising hopes a fiscal stimulus package would be agreed to stem the economic fallout from COVID-19. More stimulus is seen as negative for the dollar.

    “The chances of getting a comprehensive stimulus deal before the election are slim,” said Edward Moya, senior market analyst, at OANDA in New York. “So what that means is that the damage to the economy is going to grow and it means that right now we are talking somewhere around $1.8 or $2 trillion ...and that just means the stimulus is going to be bigger the longer they wait.”

    The offshore yuan fell 0.8% against the dollar after China’s central bank said on Saturday it would lower the reserve requirement ratio for financial institutions when conducting some foreign exchange forwards trading, a move seen as a bid to curb recent yuan appreciation.

    The yuan had reached a more than 17-month high on Friday in offshore trade and has gained nearly 8% against the dollar since late May. But on Monday the offshore yuan was on track for its biggest daily decline against the dollar since March.

    The PBOC’s move to end the requirement for banks to set aside cash to cover yuan forward transactions would make it easier to short the yuan, said RBC’s head of Asia FX, Alvin Tan.

    The move was also cited by analysts as a reason for weakness in the China-sensitive Australian dollar, which was down about 0.4%. The dollar index fell 0.1%. The euro was down 0.15% to $1.1814.

    In Europe, the World Health Organization has urged governments to restrict activity to combat a rapid rise in COVID-19 infections.

    The Japanese yen weakened 0.31% versus the greenback at 105.28 per dollar after Bank of Japan Governor Haruhiko Kuroda stressed his readiness to take additional monetary easing steps.

    The pound held above $1.30, strengthening after Prime Minister Boris Johnson set out on Monday a three-tier system of local lockdown measures in England. Sterling was last trading at $1.3069, up 0.18% on the day.

    Sep 23, 2020

    Currencies | The Dollar: Dollar gains keep gold pressured near 6-week low


    2-3 minutes - Source: CNBC

    A stack of U.S. $100 bills being counted.

    A stack of U.S. $100 bills being counted.

    Bay Ismoyo | AFP | Getty Images

    Gold extended losses to its lowest since mid-August on Wednesday as the dollar advanced, with investors awaiting further response from major central banks as economic uncertainty looms.

    Spot gold dipped 1.5% to $1,870.11 per ounce, having hit its lowest since Aug. 12 at $1,865.03. U.S. gold futures declined 1.8% to $1,873.20 per ounce.

    “Gold is currently taking its cue from the dollar ... and the dollar strength continues to weigh on gold,” said Standard Chartered analyst Suki Cooper.
    “We could see a retest of the lows from early August, the next technical support level thereafter is around $1,840 per ounce, however prices are closing in on oversold territory.” The dollar index hit an eight-week high, dimming the appeal of bullion to holders of other currencies.
    Gold prices declined, despite U.S. stocks retreating after data showed U.S. business activity nudged down in September.

    “Long-term uncertainties are still looming and no investor would lose the opportunity of adding gold to their portfolio when prices are low,” Phillip Streible, a senior market strategist for RJO Futures in Chicago said.

    “Investors are waiting and watching what the major central banks will do next. At this moment most of the monetary and fiscal policies available have already been implemented.”

    Policymakers “are not even going to begin thinking” about raising interest rates until inflation hits 2%, Federal Reserve Vice Chair Richard Clarida said on Wednesday.

    Meanwhile, Cleveland Federal Reserve Bank President Loretta Mester said monetary policy will need to remain accommodative for the next several years and more fiscal stimulus is needed to support the economy.

    Non-yielding gold is often seen as a hedge against inflation and currency weakening.

    In other metals, silver slid 4.5% to $23.31, having hit a nearly two-month low of $22.99 earlier in the session.

    Platinum shed 1.3% to $855.35 per ounce, earlier touching its lowest since July 21 at $845.50, and palladium

    rose 1% to $2,242.72.

    Sep 22, 2020

    Currencies | The Dollar: Dollar rises on safe-haven bid, stocks mixed


    3 minutes - Source: CNBC

    U.S. dollar bank notes are arranged for a photograph on September 7, 2017 in Hong Kong.

    U.S. dollar bank notes are arranged for a photograph on September 7, 2017 in Hong Kong.

    studioEAST | Getty Images

    The U.S. dollar continued to rise on Tuesday and stocks were mixed as new economic curbs to control the spread of COVID-19 raised the fear of a second wave of lockdowns that could reverse the nascent economic rebound.

    Crude rose after a hard fall on Monday while stocks in Europe and Wall Street offset most of the losses elsewhere. The dollar index was having its strongest two-day run since April.

    Sterling took a hit after UK Prime Minister Boris Johnson told Britons to go back to working from home, along with new curbs on pubs, bars and restaurants that he said could be in place for as long as six months without some form of vaccine.

    “As we all know the virus doesn’t live in a vacuum and what you see in one country or region will affect other places. Economically it could have an effect,” said Minh Trang, senior FX trader at Silicon Valley Bank.

    “Typically when there’s some fear in the market and some unknowns, investors would flow toward the dollar as a temporary safe haven.”

    The dollar index rose 0.468%, with the euro down 0.55% to $1.1704.

    The Japanese yen weakened 0.36% versus the greenback at 105.03 per dollar, while Sterling was last trading at $1.2719, down 0.74% on the day.

    The risk off sentiment was not enough to drag U.S. stocks into the red, but it did put a lid on gains that follow a sharp drop in equities on Monday.

    The Dow Jones Industrial Average fell 26.74 points, or 0.1%, to 27,120.96, the S&P 500 gained 12.17 points, or 0.37%, to 3,293.23 and the Nasdaq Composite added 76.26 points, or 0.71%, to 10,855.06.

    The pan-European STOXX 600 index rose 0.20% and MSCI’s gauge of stocks across the globe shed 0.01%.

    Emerging market stocks lost 0.85%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 1.11% lower.

    U.S. Treasury debt yields edged lower, with benchmark 10-year notes last up 1/32 in price to yield 0.6675%, from 0.671% late on Monday.

    Oil prices rose as analysts took the view that renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day.

    U.S. crude recently rose 0.56% to $39.53 per barrel and Brent was at $41.74, up 0.72% on the day.

    Spot gold dropped 0.5% to $1,902.56 an ounce.

    Sep 21, 2020

    Currencies | The Dollar: Dollar jumps as stocks tumble; rising COVID-19 cases dent risk appetite


    3-4 minutes - Source: CNBC

    U.S. dollar banknotes.

    U.S. dollar banknotes.

    Liu Jie | Xinhua via Getty

    The U.S. dollar index soared on Monday and riskier currencies fell as investors looked for safety while stock markets around the world tumbled on fears of the economic implications of rising COVID-19 cases.

    The euro and the Australian dollar fell against the greenback, and equities on Wall Street followed Asian and European stock markets lower, as the threat of new pandemic-related lockdowns prompted concerns about the global recovery.

    U.S. investors fretted about the ability of U.S. Congress to reach an agreement for more fiscal stimulus.

    “What we’re seeing here this morning for the dollar is largely a risk-off safe haven bid,” said Erik Bregar, head of FX strategy at Exchange Bank of Canada in Toronto, adding that the trigger was in the European morning on rising fears of a new U.K. nationwide lockdown.
    “It’s scary stuff that reminds you of March,” he said.

    The dollar - subdued during Asian hours - perked up in London trade as European stocks sank to two-week lows and U.S. stock futures fell.
    The index that measures the greenback against a basket of peer currencies was last up 0.64% at 93.555.


    The greenback also managed to bounce back from a six-month low to turn flat against Japan’s yen, which last traded at 104.56 against the dollar after earlier hitting 104.00, which was its lowest point since March 12.

    “If it takes out the 104 level vis-à-vis the dollar, it (yen) can really take off and then all eyes are going to be on the Bank of Japan because they wouldn’t like it one bit,” said Exchange Bank of Canada’s Bregar.

    Marshall Gittler, head of research at BDSwiss, said the yen’s rise was part of a typical “risk-off” move in FX markets with the exception of the Swiss franc, which turned weaker.

    “With the pickup in foreign bond yields for Japanese investors getting less and less, capital flows out of Japan may fall even further,” he said. Key for the U.S. currency’s direction this week will be a slew of Federal Reserve speakers, who may shed light on the U.S. central bank’s new approach to inflation.

    Fed Chairman Jerome Powell is due to appear before Congressional committees, while Fed committee members Lael Brainard, Charles Evans, Raphael Bostic, James Bullard, Mary Daly and John Williams are also making public speeches.

    “If Jerome Powell and the rest of the Fed speakers don’t really add more meat to the Fed plans for how it’s going to reach an average 2% inflation I could see the U.S. dollar trading even higher this week,” said Bregar at Exchange Bank of Canada.

    The euro traded 0.8% lower than the dollar at $1.1743 . Sterling also fell 0.9% to trade at $1.28 as the dollar gained steam. The Australian dollar traded down 1.2% against the greenback at US$0.7204, while the New Zealand dollar was down 1.5% at $0.6658.

    Sep 16, 2019

    EU - FX | Currencies: Dollar rises as Trump approves oil stockpile use after Saudi attacks

    3-4 minutes - Source: CNBC

    Reusable US dollar
    The U.S. dollar has regained some strength in recent weeks.
    Getty Images
    The dollar rose against a basket of currencies on Monday as U.S. President Donald Trump’s authorization of the use of an emergency crude stockpile in response to drone attacks on Saudi Arabian refining facilities cooled a surge in oil prices.
    The Japanese yen and Swiss franc, both traditional safe-haven currencies, gave up much of their initial gains with a pullback in crude prices and anxiety about a disruption in global energy supply, analysts said. Still, investors remained nervous about another attack, which underpinned demand for currencies of oil exporters such as Norway and Canada.
    “The market took it yet with another shrug,” said Boris Schlossberg, managing director of FX strategy with BK Asset Management in New York. “If you see another attack, there might be another reaction.”
    Oil prices had jumped as much as 19% in reaction to the drone strikes, which knocked out more than 5% of global oil output. Yemen’s Iran-aligned Houthi group claimed responsibility, but the United States has blamed Tehran.
    On Sunday, Trump said he had authorized the release of oil from the U.S. Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined. He also said Washington was “locked and loaded” to retaliate for the attacks on the Saudi facilities.
    Another factor boosting the greenback was some exiting of bearish dollar bets in advance of the U.S. Federal Reserve’s two-day policy meeting.Traders widely expect the Fed will cut interest rates by a quarter of a percentage point this week. In July, Fed policymakers lowered short-term rates for the first time since 2008.
    “The market wants to short-cover in front of the Fed if the Fed doesn’t cooperate,” Schlossberg said.
    On the other hand, speculators trimmed their bullish bets on the dollar, according to the latest data from the Commodity Futures Trading Commission.
    An index that tracks the greenback against the euro, yen, sterling and three other currencies was up 0.4% at 98.64. It touched its lowest level since Aug. 27 on Friday.
    The dollar was -0.05% lower at 108.045 yen, recovering from an earlier low of 107.44 during Asian trading. The greenback fell to 98.655 Swiss francs before reversing to trade at 99.29, up 0.29% on the day.
    Among currencies tied to oil-exporting countries, the Norwegian crown strengthened to 8.9179 per dollar earlier before retreating to 8.965.
    The Canadian dollar rose 0.3% to C$1.3249 after earlier reaching C$1.3208. The Russian ruble was 0.3807% higher.
    Sterling, which has soared over the past week on growing investor confidence that a no-deal Brexit is off the table, fell back from a two-month high to $1.2418, down 0.68% on the day. It was little changed against the euro to 88.565 pence .

    Aug 2, 2019

    FX | The Dollar | Dollar weakens as September rate cut bets mount

    3 minutes

    Reusable Japanese Yen 2 190514
    The dollar fell broadly on Friday as news of slower U.S. employment growth in July and heightened U.S.-China trade tensions fueled expectations that the Federal Reserve would cut interest rates again in September.
    Nonfarm payrolls increased by 164,000 jobs in July, fewer than the month prior, and wages increased modestly, the Labor Department said. The report came a day after U.S. President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting Sept. 1, leading financial markets to almost fully price in a September rate cut.
    The dollar fell 0.76% against the Japanese yen to its lowest since Jan. 3, last at 106.50. Versus the euro it was 0.22% weaker at $1.1109. The Swiss franc, which like the yen serves as a safe-haven investment in times of market volatility, was 0.83% stronger to 0.9818 franc per dollar.
    “On balance it is probably a slightly dollar-negative number because I do think that the totality of the report increases the case for a Fed rate cut in September. We’re already at the point where we’re trading that,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.
    The U.S. central bank on Wednesday cut its short-term interest rate for the first time since 2008. Fed Chair Jerome Powell described the widely anticipated 25-basis-point monetary policy easing as a mid-cycle policy adjustment to protect U.S. expansion from the global economic slowdown happening outside its borders.
    Following the cut, the dollar rose in sympathy with U.S. Treasury note prices, but that move had largely been retraced on Friday.
    The chance of a September rate cut was 98.1% on Friday afternoon, according to CME Group’s FedWatch tool, a large jump from 56.2% a week prior. Not all market participants were persuaded.
    “We think that’s way too high. Clearly what (Powell) wanted to convey at the press conference was that there’s no certainty about what the next move is going to be,” said Gershon Distenfeld, co-head of fixed income at AllianceBernstein.
    “The reality is that if the intention was to ease monetary conditions, this did exactly the opposite. Equities are down, the curve is flatter, the dollar higher - all monetary tightening conditions here in the U.S. So they didn’t really accomplish much except getting markets nervous.”

    Source: CNBC

    Apr 30, 2019

    FX | Currencies Price Report | The Dollar on Tuesday 30, April 2019 | Euro hits 1-week peak on upbeat data, dollar retreats

    Kelly Olsen

    Reusable Australian Dollar AUD b 150223
    John Phillips | Digital Editor | CNBC
    The euro climbed to a one-week high against the dollar on Tuesday after first-quarter economic growth figures on the euro zone beat market expectations, dispelling some pessimism over the zone’s common currency.
    Mixed U.S. data and caution ahead of a two-day Federal Reserve meeting pushed the dollar further away from a near two-year high. Euro zone economic growth accelerated to 0.4% in the first three months of 2019, recovering from a slump in the second half of last year, data showed on Tuesday.
    The strong data offered some relief to traders after a disappointing manufacturing PMI survey this month and cautious comments from European Central Bank policymakers raised concerns that the broader economy is struggling to gain traction.
    “The (overall) data have been coming in better than expected. The euro is the biggest short in the market right now,” said Steven Englander, global head of G10 FX research at Standard Chartered Bank in New York.
    Higher-than-expected growth figures could squeeze some hedge funds who have been amassing large short positions in the euro, worth a net $14.8 billion in the week to April 23.
    At 3:10 p.m., the euro was 0.30% higher at $1.1219 after the euro zone growth data. The currency was on track to fall 0.13% in April, bringing its year-to-date loss against the greenback to 2.32%.
    An index that tracks the dollar against the euro, yen, sterling and three other currencies was down 0.38% at 97.49. It hit a 23-month high at 98.330 last Friday.
    “We feel the dollar-buying move was a bit overdone,” Englander said.
    Earlier Tuesday, data showed U.S. labor costs grew 0.7% in the first quarter, reinforcing the notion that wage pressure would stay tame even although hiring has remained strong, the Labor Department said.
    Moreover, U.S. Midwest factory activity unexpectedly fell in April to its weakest since January 2017, according to an index from MNI and the Institute for Supply Management-Chicago. Analysts expect no policy changes coming out of the Fed’s two-day policy meeting, which ends on Wednesday, but investors want to hear how Fed Chairman Jerome Powell resolves the divergence between solid economic growth and slowing inflation.
    Trading volume was muted by Japanese markets being closed for the Golden Week holiday. Activity will likely drop off further on Wednesday when China and much of Europe will be off for the May Day holiday.
    The Japanese yen rallied to a three-week high after China’s official Purchasing Managers’ Index dipped to 50.1 April.
    It was up 0.27% at 111.33 yen per dollar.

    Source: CNBC

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