May. 24 (Agencies) — Asian currencies started under pressure on Wednesday as US debt ceiling talks showed no signs of progress ahead of the fast-approaching deadline, unnerving market participants and dampening their appetite for risk.Equities in Asia too were subdued, with stocks in Singapore and South Korea falling 0.3% and 0.2%, respectively, while shares in Malaysia and Indonesia were little changed.In the US, representatives of President Joe Biden and congressional Republicans ended another round of debt ceiling talks on Tuesday with no signs of progress as the two parties remain deeply divided about how to rein in the federal deficit.The Malaysian ringgit fell 0.3%, hitting its lowest level since November, while the South Korean wo...
May 24, 2023 at 5:04 pm | Economic Affairs
May. 23 (Agencies) — US dollar touched a six-month high against yen on Tuesday as expectations grew that US rates will remain higher for longer and as the debt ceiling impasse kept risk sentiment fragile.Among a slew of Federal Reserve heavyweights who spoke on Monday, some hinted that the central bank still has more to go in tightening monetary policy.Minneapolis Fed President Neel Kashkari said that US rates may have to go “north of 6%” in order for inflation to return to the Fed’s 2% target, while St. Louis Fed President James Bullard said that the central bank may still need to raise another half-point this year.Against the Japanese yen, the greenback rose to a near six-month peak of 138.80 in early Asia trade, a reflection of ...
May 23, 2023 at 3:22 pm | Economic Affairs
May. 23 (Agencies) — Japan’s Nikkei share average dropped sharply from a 33-year high on Tuesday as some investors swooped in to take profits following a breathless eight-day rally.Nikkei started the day strong, reaching a fresh peak at 31,352.53 - a level last seen in August 1990 - but pared gains after the midday break, attracting more sellers.Declines cascaded quickly to push the benchmark down as much as 0.83% before the index closed the day down 0.42% at 30,957.77.In an unusual move that perplexed traders, Toyota Motor Corp tumbled 4.77% in the final moments of trading to be the Nikkei’s biggest decliner.The broader Topix fell 0.66% to 2,161.49.“The Nikkei started to look top heavy in the afternoon, which invited some profit-t...
May 23, 2023 at 3:18 pm | Economic Affairs
May. 23 (Agencies) — Asian currencies stayed dull on Tuesday, with dollar getting a boost from rising expectations of US interest rates to remain elevated for longer, while traders awaited the outcome of US debt ceiling talks.The Thai baht depreciated the most among its peers, falling 0.6%, eyeing losses for a sixth session, and falling to its lowest since March 15.Indonesian rupiah, Philippines peso, and Singapore dollar were little changed.South Korean won appreciated 0.4% and its local benchmark rose, buoyed by optimism for a deal on the US debt ceiling negotiations.While vowing to keep the talks alive, US President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the US government’s $31...
May 23, 2023 at 3:13 pm | Economic Affairs
May. 22 (Agencies) — China’s yuan jumped up a five-month low against the dollar in early trade on Monday, after the central bank pledged to do its utmost to prevent large fluctuations in the local unit.Investors have refrained from aggressively testing new lows for the yuan after the central bank on Friday vowed to curb speculation and urged key participants to keep the market stable, traders said.More action might be taken to prevent yuan depreciation following the verbal warnings, they added.On Friday, major state-owned banks were seen swapping yuan for dollars in the onshore forwards market - a sign that authorities were trying to manage the rapid fall in the currency.Prior to Monday’s opening, the People’s Bank of China (PBOC) ...
May 22, 2023 at 4:58 pm | Economic Affairs
May. 22(Agencies) — Oil prices slipped on Monday as cautions and concerns US debt ceiling in addition of demand recovery in China offset support from lower supplies from Canada and OPEC+ producers.Brent crude futures fell 73 cents, or 0.97%, to $74.85 a barrel by 0634 GMT, while US West Texas Intermediate (WTI) crude for July delivery, the more actively traded contract, slipped 73 cents, or 1.02%, to $70.96.The June WTI contract, which expires later on Monday, fell 87 cents to $70.68 a barrel. “I expect plenty of volatility in the coming days and a bounce upward in crude prices as and when a deal is reached to raise the debt ceiling,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.“But crude’s headroom ...
May 22, 2023 at 4:53 pm | Economic Affairs
May, 09(Agencies) — Oil prices fell on Tuesday, relinquishing some of strong gains of the previous two sessions with market stayed cautious ahead of U.S. inflation figures for April, which will be key to Federal Reserve’s next interest rate decision.Brent crude price was down 0.7%, at $76.47 and U.S. West Texas Intermediate (WTI) crude fell 50 cents, or 0.7%, to trade at $72.66 at 0650 GMT. Both contracts had settled up more than 2% in the previous trading session. “Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause … with no real positive data coming out,” said Suvro Sarkar, lead energy analyst at DBS Bank. “The market is cautious today ahead of the inflation data…. With net long position...
May 9, 2023 at 2:50 pm | Economic Affairs
May, 09(E.A Monitors) —Moody’s Investors Service warned that Pakistan could default without an International Monetary Fund (IMF) bailout as the country faces uncertain financing options beyond June, Bloomberg reported Tuesday.“We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the ratings company in Singapore, was quoted as saying in an emailed response to Bloomberg.“However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF programmer, Pakistan could default given its very weak reserves.”Remarks come as Pakistan remains engaged with the Washington-based lender to resume its bailout programmer that has...
May 9, 2023 at 2:45 pm | Economic Affairs
May, 09(Agencies) — US dollar inched higher on Tuesday on a loans survey, showing U.S. credit conditions less gloomy than expected, while the pound flirted with a one-year peak on expectations that the Bank of England will raise interest rates this week.In Asia, The yuan showed little reaction as trade data released on Tuesday showed that China’s imports dropped 7.9% in April from a year earlier, while exports grew at a slower pace of 8.5% in the same period after an unexpected surge of 14.8% in March.The offshore yuan last traded 0.1% lower at 6.9287 per U.S. dollar. A day earlier, the Federal Reserve’s quarterly Senior Loan Officer Opinion Survey (SLOOS) showed that while credit conditions for U.S. business and households continued...
May 9, 2023 at 2:39 pm | Economic Affairs
May, 09(Agencies) — Asian markets struggled Tuesday as investors focus on release of US inflation data later in week, could play a key role in shaping the Federal Reserve’s interest rate plans.Though, region enjoyed a healthy start of week with plenty of nervousness on trading floors there remains after last week’s upheaval in the US banking sector that hammered financial stocks.Turmoil saw sale of the embattled First Republic Bank to JPMorgan Chase and came just two months after collapse of three other regional banks and the takeover of Credit Suisse by UBS.Still, while a much-anticipated Fed survey of banks showed tighter lending standards in the first few months of the year, which they see lasting through 2023, analysts said the r...
May 9, 2023 at 2:33 pm | Economic Affairs
Pakistan Rupee Exchange Rate