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marctomarket.com / by Marc Chandler / June 16, 2016
The US dollar is higher against the major currencies but the Japanese yen and the New Zealand dollar. The dollar fell to new two-year lows against the yen to JPY103.55 before bouncing in the European morning back to JPY104.40. The Kiwi was helped by better than expected Q1 GDP. The euro and sterling are within yesterday’s ranges. The euro has been able to resurface above $1.13 since Monday. Bids have been found a little below $1.12. UK reported better than expected retail sales, but the referendum keeps a lid on the pound. Soft employment data weighs on the Aussie.
Global equities are lower. MSCI’s Asia-Pacific Index is off 1.1%, its third loss this week. European markets are lower as well, nursing a 0.8% loss near midday in London. Financials are the weakest sector, with a 1.7% drag. Core bond yields are little changed, while peripheral European benchmark 10-year rates are higher (2-3 bp in Spain and Italy, 8 in Portugal). A hawkish Fed was to be negative for emerging markets, but dovish dot plot has not helped. The MSCI Emerging Market equities are off 1%. The dollar is firmer against most of the emerging market currencies. The South Korean won and Taiwanese dollar edged slightly higher. East and Central European currencies have done the poorest. The continued slide in oil prices and industrial metal prices weighs on Russia and South Africa.
Officials and events have conspired to shake the already fragile market confidence. The Federal Reserve noted yesterday, its widely anticipated decision not to lift its rate target, which the long-term equilibrium target rate is likely lower than previously thought. In her press conference, Yellen recognized that some of the headwinds the economy faces, like demographics, may last a long time.
The Bank of Japan also stood pat, but despite acknowledging the deterioration of inflation and inflation expectations, it retained its forecast that inflation will hit its target in the fiscal year that begins next April. The markets’ response was similar to its reaction to the BOJ’s late-April decision to stand pat as well. The yen strengthened from already elevated levels, and Japanese shares sold off hard. The 3% loss today in the Nikkei brings its losses this week to a little more than 7%.
The post Markets are Anxious, Yen Soars appeared first on Silver For The People.
Thanks to BrotherJohnF
Source:
http://silveristhenew.com/2016/06/16/markets-are-anxious-yen-soars/
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