Sino-U.S. trade thaw sparks risk rally as ECB looms
The dollar rose to a six-week high against the safe-haven yen on Thursday after ...CNH= rose 0.4% to a three-week high of 7.0855 against the dollar. The Taiwan dollar had its best day in a month, rising 0.5% to 30.948 per U.S. dollar. The South Korean won stood at 1183.08 per dollar, its strongest since the end of July. Outside of Asia, expectations for ECB easing this week have weighed on the euro. The single currency EUR=EBS has shed 3.5% since June and fell to a one-week low of $1.0983 overnight. It was steady at $1.1013 by mid-session in Asia. With growth slowing, the ECB has all but promised more support for the economy in one of the most closely watched meetings in years. The ECB is almost certain to cut rates, promise to keep rates low for longer and provide banks relief from the side effects of negative rates. However, new asset purchases, priced in by markets, are not a done deal with some conservative policymakers opposing the move. “Market reaction will likely hinge on the confirmation of a rate cut,” said David de Garis, a director of economics and markets at National Australia Bank in London. “The real kicker though will not be whether QE is re-started, but crucially, whether it leaves markets feeling the ECB is running out of room, or hamstrung by internal opposition,” he said. “What markets would not want to hear is during the press conference evidence of a disagreement.” Sterling also dipped after a Scottish court ruled on Wednesday that Prime Minister Boris Johnson’s suspension of the British Parliament was unlawful, prompting immediate calls for lawmakers to return to work as the government and Parliament battle over the future of Brexit. The British pound fell as much as 0.4% to $1.2313 overnight, and hovered around $1.2330 in Asian hours. Reporting by Tom Westbrook; Editing by Sam Holmes Our Standards: Read more: Reuters Top News
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Mario Draghi and the ECB confront a slowing euro zoneMr Draghi must use the bully pulpit to urge governments to exercise their fiscal powers to fend off a recession Can the dare-devil stunts and tactics help the world central banks stop the arrival of the overwhelming tide of change from rocking the roots of the existing world economic system? - Not really. Does he mean before, or after, high taxes and negative interest rates? WHY? Ebb and flow. Business cycle. Let it be!