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Asian markets extend losses as China worries darken sentiment

Asian shares declined Tuesday, with Tokyo down 2% as worries about heavily indebted Chinese real estate developers weighed on sentiment. 11:45 p.m. Sept. 20, 2021

Investor worries about Evergrande keep pressure on China’s yuan in offshore trade

The U.S. dollar strengthened against the offshore yuan again on Monday amid a global stock-market selloff. 2:22 p.m. Sept. 20, 2021

Hong Kong stocks tumble on worries over Evergrande and property sector

Shares fell more than 3% in Hong Kong on Monday in holiday-thinned trading in Asia, with other big markets in Tokyo and Shanghai closed. 4:50 a.m. Sept. 20, 2021

Today in Commodities

Gasoline futures climb, oil drops as Hurricane Ida shutters Gulf Coast production

Gasoline futures jumped, while oil prices fell on Monday, as one of the strongest hurricanes to ever hit the U.S. shuttered refineries in the Gulf Coast. September gasoline futures climbed 1.6% to $2.31 a gallon, from Friday's close of $2.11 a gallon. Natural-gas futures rose around 1% to $4.42 per million British thermal units, extending the highest prices seen 2018. That's as October crude futures fell 1.2% to $67.88 a barrel. Hurricane Ida continued to rampage through Louisiana and move into Mississipi on Monday, and nearly 95% of U.S. oil and gas production in the Gulf Coast region was offline, according to S&P Global Platts.

4:33 a.m. Aug. 30, 2021

Today in Bonds

Treasury yields post biggest daily drop since August amid worries of potential spillover from China’s Evergrande

U.S. Treasury yields fall, as the potential collapse of a Chinese property development company rattled investors, raising the prospect of a spillover into other global markets.

3:46 p.m. Sept. 20, 2021

Currencies Headlines

Debt-limit standoff persists: Analysts see 20% risk of default, as White House warns of potential pain for states, localities

Congress still hasn't raised the federal borrowing limit to prevent a U.S. default, even as the Treasury Department cautions that "cash and extraordinary measures" are most likely to run out next month.

10:24 a.m. Sept. 18, 2021
Asian markets mixed as COVID weighs on investor sentiment

Asian shares were mixed on Friday after a hodge-podge of economic data led Wall Street to close mostly lower.

12:02 a.m. Sept. 17, 2021
Here’s why the U.S. dollar could end up going almost nowhere through the end of 2022

Marvin Recinos/Agence France-Presse/Getty ImagesThe U.S. dollar may struggle to rise past its current levels through the end of 2022, given the likelihood of an almost two-year gap between when the Federal Reserve may start tapering its bond purchases and its first interest rate increase. That’s the view of analysts at TD Securities, who see the U.S. Dollar Index DXY consolidating through the end of 2022 to 89.0, versus 92.9 on Thursday. They see the U.S. central bank looking past the recent inflation shock and erring on the side of continuing to support economic growth, which would limit how much the greenback can rally. TD’s forecast for the dollar index is a bit below the consensus estimate of 91.80.The almost $7 trillion-a-day global currency market, which operates around the clock, is currently grappling with the conflict between slowing worldwide economic growth and a greater intention by central banks to withdraw monetary stimulus, albeit at varying speeds, as the recovery from the pandemic proceeds. The dollar is caught in that tug-of-war between those competing narratives, trading within relatively narrow ranges since June, ahead of the Federal Reserve’s policy meeting next week. Read: Global currency market seen as the premiere way to trade central banks’ pandemic-era policy divergence “Monetary policy is going to remain fairly static at the Fed, with the central bank sidelined from a hiking perspective into 2022,” Mazen Issa, a senior currency strategist at TD Securities in New York, said via phone Thursday. “The important feature to note about tapering is that it kicks off the debate about liftoff. That will really animate the risks around the dollar going forward.” Meanwhile, policy makers worldwide are generally moving at “a glacial pace” with an intent to ultimately unwind the stimulus provided during the pandemic, he said. “But if everyone is moving in the same direction in incremental steps, that should mitigate significant directional impact on the dollar. “The greenback began this year by defying widespread bets that it would drop in 2021 on a broad vaccination-led global recovery and stimulus-fueled expansion of the U.S. deficit. In a turnabout of thinking by analysts and traders, the U.S.’s massive fiscal and monetary stimulus relative to the rest of the world, and the notion of “American exceptionalism”, were instead seen as likely to burnish the dollar’s appeal. Ordinarily, the dollar trends higher when U.S. interest rates go up or policy makers hint that they will. In June, for example, the greenback got a lift after an unexpected shift in the Fed’s outlook that suggested policy makers were taking the prospects of higher inflation more seriously than many had thought. But since then, for the past three months, the U.S. currency has traded in a confined range. One big reason is the emergence of the stagflation theme in markets, and another is that much of what happens to the dollar depends heavily on what else is going on in the rest of the world. For now, Europe “has started to gain an edge versus North America” when it comes to the change in growth expectations, and the dollar has moved to the bottom of the Group-of-10 currencies along with the Canadian loonie, CADUSD according to a note earlier this week by Issa and TD Securities strategists Mark McCormick and Ray Ng.They recommended buying the euro on dips and waiting for some form of “reflation-lite” trend to return this fall before buying the loonie. Any shift toward a “reflation-lite” scenario would also offer dip-buying opportunities in the U.S. dollar-yen pair USDJPY, they said.Much of the price action across currencies in the months to come will be driven not just by the economic backdrop, but by the lack of uniform responses to higher inflation from global central banks. In a separate note on Wednesday, James Rossiter, TD’s head of global macro strategy, said he sees room for error on multiple fronts by central banks.Among some of the risks, he says, are that: central banks like those of Australia, Canada and England tighten monetary policy despite slowing growth; or that the Fed, European Central Bank and Sweden’s Riksbank delay tightening despite high inflation.“Going forward, there’s going to be more variation in monetary policy,” TD’s Issa said. “So far, we’ve seen clusters of central banks moving around the same time. But into 2022, we’re going to start seeing how tolerant central banks are on the inflation front, and that could lead to more variation in policy.”

5:17 p.m. Sept. 16, 2021

Benchmark Rates

/zigman2/quotes/210561242/realtime/sampled
1.1735
+0.0512%
+0.0006
/zigman2/quotes/210561789/realtime/sampled
109.4560
+0.0439%
+0.0480
/zigman2/quotes/210561263/realtime/sampled
1.3678
+0.1464%
+0.0020

Video

What El Salvador's Bitcoin Experiment Looks Like

El Salvador became the first country in the world to adopt bitcoin as its national currency, allowing people to use a digital wallet to pay for everyday goods. Here’s what the impoverished nation’s risky experiment looks like. Photo: Marvin Recinos/Agence France-Presse/Getty Images video content

Key Cross Rates

United States DollarUSD United Kingdom PoundGBP European EuroEUR Japanese YenJPY
United States DollarUSD /zigman2/quotes/210561263/realtime/sampled0.7311 /zigman2/quotes/210561242/realtime/sampled0.8522 /zigman2/quotes/210561789/realtime/sampled109.4560
United Kingdom PoundGBP /zigman2/quotes/210561263/realtime/sampled1.3678 /zigman2/quotes/210561278/realtime/sampled1.1655 /zigman2/quotes/210561291/realtime/sampled149.7100
European EuroEUR /zigman2/quotes/210561242/realtime/sampled1.1735 /zigman2/quotes/210561278/realtime/sampled0.8580 /zigman2/quotes/210561215/realtime/sampled128.4411
Japanese YenJPY /zigman2/quotes/210561789/realtime/sampled0.0091 /zigman2/quotes/210561291/realtime/sampled0.0067 /zigman2/quotes/210561215/realtime/sampled0.0078

Currency Converter

 

Key Currencies

Symbol Bid Ask High Low Time(ET)
USDJPY/zigman2/quotes/210561789/realtime/sampled 109.4510 109.4610 109.7050 109.3470 07:10:38
USDCHF/zigman2/quotes/210561981/realtime/sampled 0.9243 0.9247 0.9286 0.9245 07:10:27
GBPUSD/zigman2/quotes/210561263/realtime/sampled 1.3677 1.3679 1.3694 1.3649 07:10:27
EURUSD/zigman2/quotes/210561242/realtime/sampled 1.1733 1.1736 1.1742 1.1719 07:10:39
AUDUSD/zigman2/quotes/210560947/realtime/sampled 0.7256 0.7260 0.7284 0.7242 07:10:27
USDCAD/zigman2/quotes/210561978/realtime/sampled 1.2765 1.2770 1.2828 1.2744 07:10:40
EURCHF/zigman2/quotes/210561153/realtime/sampled 1.0848 1.0851 1.0889 1.0849 07:10:41
EURJPY/zigman2/quotes/210561215/realtime/sampled 128.4189 128.4634 128.7200 128.2200 07:10:39
NZDJPY/zigman2/quotes/210561685/realtime/sampled 76.9222 76.9949 77.3377 76.6102 07:10:41
AUDCHF/zigman2/quotes/210560928/realtime/sampled 0.6706 0.6716 0.6752 0.6709 07:10:41
AUDNZD/zigman2/quotes/210560938/realtime/sampled 1.0313 1.0333 1.0360 1.0308 07:10:37
CADJPY/zigman2/quotes/210560992/realtime/sampled 85.7095 85.7509 86.0500 85.2582 07:10:40
EUR= European Euro CHF= Swiss Franc NZD= New Zealand Dollar
USD= United States Dollar JPY= Japanese Yen GBP= United Kingdom Pound
AUD= Australian Dollar

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