Yen steadies, dollar slips as China reaches for stimulus
By Tom Westbrook
SINGAPORE, Sept 30 (Reuters) -A surging yen steadied on Monday as Japan's incoming prime minister signalled monetary policy should remain accommodative, while the dollar slipped on commodity currencies underpinned by investor expectations of a turnaround in China's economy.
Japan's yen had leapt on Friday when Shigeru Ishiba, a former defence minister and erstwhile critic of aggressively easy policy won the leadership of the ruling Liberal Democratic Party, which controls parliament and will vote him into office.
The yen JPY=EBS slipped about 0.4% to 142.75 per dollar after jumping 1.8% on Friday. Ishiba told public broadcaster NHK that from the government's standpoint, policy must remain accommodative as a trend given current economic conditions.
Analysts said that was enough to pause the sharp rise in the yen following his victory and that the likelihood of a snap election in the coming months - something Ishiba hinted at on Sunday - could weigh on the yen at least over the short term.
"An election basically takes the Bank of Japan out of the equation until December...a marginal yen negative," said Ray Attrill, National Australia Bank's head of foreign exchange strategy.
Elsewhere the euro EUR=EBS was stable at $1.1172 and sterling GBP=D3 traded at $1.3381 with markets looking to U.S. jobs data on Friday as the next major data point that could guide the pace of U.S. interest rate cuts.
European inflation data on Tuesday and Chinese data due later on Monday are also keenly awaited.
The Australian and New Zealand dollars traded near the 2024 highs they struck on Friday as rate cuts and expectations of fiscal support in China raised hopes of an improvement in the slowing economy.
The Australian dollar AUD=D3 rose 0.3% to $0.6920, after climbing to a 20-month high of $0.6937 on Friday. The New Zealand dollar NZD=D3 was up 0.3% at $0.6360 after hitting its highest since December on Friday.
Last week the U.S. Federal Reserve's favoured inflation measure showed inflation running at a pretty benign 2.2% for the 12 months to August, sending U.S. yields and the dollar lower.
"The trend over next year or so is for the dollar to go down," said Commonwealth Bank of Australia strategist Joe Capurso.
"Inflation is under control. Interest rates are going down and that's good for the global economic outlook, good for risk taking and good for commodity currencies like the Aussie."
Beijing's raft of stimulus measures drove a rally in China's yuan CNY=CFXS last week, even as interest rates were lowered, as investors piled into Chinese stocks which notched their best week in a decade. The yuan broke the psychological 7-per-dollar mark in offshore trade on Friday and was last at 6.9761 CNH=D3 ahead of the onshore open.
World FX rates https://tmsnrt.rs/2RBWI5E
Reporting by Tom Westbrook.
Editing by Shri Navaratnam
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
