|Day's Range||0.992 - 0.994|
|52 Week Range||0.9660 - 1.0229|
Investing.com - The yen and the Swiss franc pushed higher against the U.S. dollar on Thursday as weak Chinese economic data and doubts over whether the U.S. and China will be able to reach a preliminary trade deal underpinned demand for safe haven assets.
The U.S. dollar fell against the Japanese yen on Thursday as investors pushed into safe-haven assets on reports the United States and China were struggling to finalise a "phase one" trade deal and as the domestic impeachment inquiry into U.S. President Donald Trump intensified. The Japanese yen was up 0.39% to 108.4 against the dollar, having risen to a 10-day high earlier in the session. The Financial Times on Thursday afternoon reported that China and the United States were struggling to reach a "phase one" deal and may not settle ahead of Dec. 15, when U.S. tariffs on Chinese goods are set to go into effect.
The U.S. dollar fell against the Japanese yen and the Swiss franc, traditional safe-haven investments, after media reports that trade talks between the U.S. and China had "hit a snag" over farm purchases. The negotiations stalled as China expressed it did not want a deal that looked one-sided in the favor of the United States, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Investors pulled out of riskier assets, sending the three major U.S. stock indexes lower, and pushing up safe-haven assets like the Japanese yen and Swiss franc .
The dollar climbed to more than a five-month peak against the safe-haven yen and a three-week high versus the Swiss franc on Thursday, bolstered by expectations the United States and China were inching closer to a trade deal. The world's two largest economies have agreed to roll back tariffs on each others' goods as part of the first phase of a trade deal, officials from both countries said on Thursday, offering a new sign of progress despite the two sides' ongoing divisions over trade. The rising likelihood of a trade deal between the U.S. and China is believed to be beneficial to the U.S. economy as it reduces the headwinds facing American companies," said Karl Schamotta, chief market strategist, at Cambridge Global Payments in Toronto.
The safe-haven yen and Swiss franc slid against the dollar on Tuesday as growing signs the United States and China are inching closer to a trade deal boosted risk appetite and spurred investors to seek higher-yielding currencies. Gains against the yen and Swiss franc pushed the dollar index to a three-week high, tracking the rise in benchmark U.S. 10-year Treasury yields. China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.-China trade deal, which is expected to be signed later this month, people familiar with the negotiations said.
The dollar last week had fallen as a safe haven as trade deal expectations with China improved and U.S. economic data showed more stability, particularly with Friday's generally upbeat U.S. non-farm payrolls report for October. U.S. Commerce Secretary's Wilbur Ross' optimism overnight that a preliminary deal would be signed with China this month added to increased risk appetite. Licenses for U.S. companies to sell components to China's Huawei Technologies Co "will be forthcoming very shortly," Ross said in an interview with Bloomberg published on Sunday.
The dollar on Monday was broadly higher against safe-haven currencies such as the yen and Swiss franc, bolstered by higher risk appetite due to U.S.-China trade hopes and Friday's generally upbeat U.S. non-farm payrolls report for October. "Market trends are being influenced by a better risk mood overall," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto. The euro slipped as investors awaited Christine Lagarde's first speech as European Central Bank president.
It’s a busy day ahead on the economic calendar with GDP numbers out of the Eurozone likely to set the tone for Lagarde, who takes over as ECB President.
The dollar fell against a basket of major currencies on Wednesday, reversing initial gains, after the Federal Reserve cut interest rates for the third time this year but signaled its rate-cut cycle might be at a pause, as was broadly expected. In lowering its policy rate by a quarter of a percentage point to a target range of between 1.50% and 1.75%, the U.S. central bank dropped a previous reference in its policy statement that it "will act as appropriate" to sustain the economic expansion - language that was considered a sign for future rate cuts. “That suggests that it’s going to take a little bit more weakness from here on out for the Fed to lower rates, and really it’s going to take quite a sustained turn for the worse in terms of trade discussions,” said Bipan Rai, North American head of fx strategy at CIBC Capital Markets in Toronto.
The U.S. dollar slipped on Monday and the Japanese yen weakened to a three-month low against the greenback as optimism that the U.S. and China will reach a trade deal reduced demand for safe haven currencies, and as investors waited on the Federal Reserve’s meeting this week. U.S. President Donald Trump said on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing. The comments come after the U.S. Trade Representative's office and China's Commerce Ministry said on Friday that U.S. and Chinese officials are "close to finalizing" some parts of a trade agreement, with talks to continue.
CHF Solutions' (CHFS) Aquadex system to be used for the outpatient study on heart failure, conducted by James A. Haley Veterans' Hospital and Clinics. The study receives final approval.
Liberty Global has offered a 500 million Swiss franc ($501.45 million) sweetener to rescue the sale of its Swiss cable and TV business to Sunrise Communications but a key Sunrise shareholder said it remained opposed to the deal. Some Sunrise investors say the 6.3 billion franc price tag for cable operator UPC is too expensive. Liberty Global, set up by U.S. cable pioneer John Malone, said on Monday it had offered to buy up to 500 million Swiss francs in newly created Sunrise shares as a way of easing through the capital hike needed to clinch the sale.
The U.S. dollar rose on Monday, after two days of losses, attracting safe-haven bids, as optimism waned about a trade deal between the United States and China, and investors fretted about the ongoing twists and turns on Britain's exit from the European Union. The safe-haven Swiss franc and Japanese yen also firmed slightly against the U.S. dollar. U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade war and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.
Switzerland’s central bank and the SIX stock exchange will study using a central bank digital currency to settle trades of tokenized assets.
Poland's central bank, financial sector supervision and finance ministry could help the nation's banks to overcome the problem of Swiss franc mortgages, Finance Minister Jerzy Kwiecinski said on Friday. The European Union's (EU) top court on Thursday ruled in favour of Polish consumers who took out mortgages in Swiss francs, allowing them to ask courts to convert the loans into Poland's zloty currency or cancel the contracts. Changing the terms of the loans, which had become prohibitively expensive after the Swiss franc jumped in value, means Polish banks will have to refund some customers.
LUXEMBOURG/WARSAW (Reuters) - The European Union's (EU) top court ruled on Thursday in favour of Polish consumers who took out mortgages in Swiss Francs, allowing them to ask Polish courts to convert the loans into the local zloty currency in a blow for lenders. Changing the terms of the loans, which had become prohibitively expensive after the Swiss franc jumped in value, means Polish banks will have to refund some customers. "The potential consequences of the ruling will be spread over time," Poland's second-largest lender Santander Bank Polska said in a statement.
Poland's central bank governor, Adam Glapinski, on Wednesday played down concerns about an EU top court's ruling on Swiss franc-denominated mortgages, saying he did not expect it to have a significant impact on central Europe's largest economy. "Please remember that this ruling will cover only a part of FX loans, not all banks that have different contracts. On Thursday morning the European Court of Justice is to release its verdict regarding the validity of one Swiss franc-denominated mortgage granted in Poland by Raiffeisen Bank.
Based on the early price action and the current price at 98.890, the direction of the December U.S. Dollar Index the rest of the session on Wednesday is likely to be determined by trader reaction to the pivot at 99.005.
Investing.com -- China throws a party with ICBMs and stealth drones, while Hong Kong burns. Meanwhile, Europe's economy looks ever grimmer and Credit Suisse (SIX:CSGN) clears its CEO of wrongdoing in a spy drama. Here's what you need to know in financial markets on Tuesday, 1st October.