{"id":1687314,"date":"2022-10-12T23:07:13","date_gmt":"2022-10-13T03:07:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687314"},"modified":"2022-10-12T23:07:34","modified_gmt":"2022-10-13T03:07:34","slug":"fragile-yen-tests-1998-low-sterling-cautiously-steady","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fragile-yen-tests-1998-low-sterling-cautiously-steady\/","title":{"rendered":"Fragile yen tests 1998 low, sterling cautiously steady"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffragile-yen-tests-1998-low-sterling-cautiously-steady%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687314&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Rae Wee<\/p>\n<p>SINGAPORE (Reuters) \u2013     The yen floundered near a fresh 24-year low on Thursday, while sterling held onto overnight gains as investors skittishly await an impending deadline for the end of the Bank of England\u2019s emergency bond-buying programme.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The yen hit a trough of 146.98 per dollar overnight \u2013 its lowest since August 1998 \u2013 and last traded at 146.82.<\/p>\n<p>The yen is within a whisker away from its August 1998 low of 147.64 per dollar, and well past last month\u2019s low of 145.90 per dollar which prompted Japanese authorities to intervene to buy the yen.<\/p>\n<p>\u201cIt\u2019s lost its safe haven appeal,\u201d said Rodrigo Catril, a senior currency strategist at National Australia Bank.<\/p>\n<p>\u201cThere\u2019s been this sense of cautiousness around that previous high (for dollar\/yen) \u2026 now they\u2019ve punched through it, and therefore it feels like you have a little bit more room to keep going, because there hasn\u2019t been any intervention.\u201d<\/p>\n<p>Sterling eased 0.03% to $1.1095, stabilising after a sharp rebound in the previous session. <\/p>\n<p>It rallied 1.25% on Wednesday after the Financial Times reported that the BoE has signalled privately to lenders that it was prepared to extend its emergency bond-buying programme beyond Friday\u2019s deadline if market conditions demanded it, though the central bank reiterated on Wednesday that its programme of temporary gilt purchases will end on Oct. 14.<\/p>\n<p>Meanwhile, Britain\u2019s new government said on Wednesday that it would not reverse its vast tax cuts or reduce public spending \u2013 a plan which has wreaked havoc in the country\u2019s financial markets and pension industry.<\/p>\n<p>UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the BoE\u2019s Friday deadline.<\/p>\n<p>Elsewhere, the euro gained 0.01% to $0.9702, while the antipodean currencies were nursing losses after having fallen to fresh multi-year lows earlier in the week.<\/p>\n<p>The Aussie was up 0.14% at $0.6287, after sliding to a 2-1\/2-year low of $0.62355 in the previous session.     <\/p>\n<p>The kiwi inched up 0.06% to $0.5611, not far from its trough of $0.5536 hit on Tuesday, the lowest level since March 2020.<\/p>\n<p>U.S. inflation figures out later on Thursday are in the spotlight, with the data expected to reinforce bets that the Federal Reserve will continue to tighten policy aggressively. <\/p>\n<p>Core inflation is projected to rise 6.5% year-on-year in September. Overnight, data showed that U.S. producer prices increased more than expected last month.<\/p>\n<p>The U.S. dollar index firmed at 113.27.<\/p>\n<p>\u201cDetails are going to be the ones that matter here \u2026 and the drivers behind the core (reading) will be super important,\u201d said NAB\u2019s Catril.<\/p>\n<p>\u201cIt will require a significantly lower number to change the rhetoric from the Fed, and we don\u2019t see that at the moment.\u201d<\/p>\n<p>Minutes from the Federal Reserve\u2019s policy meeting last month showed that officials agreed they needed to raise interest rates to a more restrictive level \u2013 and then maintain them there for some time \u2013 to meet their goal of lowering \u201cbroad-based and unacceptably high\u201d inflation, even as the minutes contained a hint of a downshift in the pace of future monetary tightening.<\/p>\n<p> (Reporting by Rae Wee; Editing by Ana Nicolaci da Costa)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/fragile-yen-tests-1998\/attachment\/file-photo-illustration-picture-of-japanese-yen-banknotes-4\/\"><img decoding=\"async\" src=\"https:\/\/c3.oann.com\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI9C027-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9C027-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rae Wee SINGAPORE (Reuters) \u2013 The yen floundered near a fresh 24-year low on Thursday, while sterling held onto overnight gains as investors skittishly await an impending deadline for<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1687314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1687314"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1687314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1687314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1687314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}