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The US dollar has rallied slightly against the Japanese yen during the early hours on Wednesday as the market awaits the FOMC decision.
The British pound has rallied significantly during the trading session on Wednesday, breaking above the crucial ¥162.50 level.
The US dollar has rallied against the Japanese yen during trading on Tuesday, as we are approaching the Federal Reserve meeting for Wednesday.
The US dollar has pulled back a bit against the Japanese yen as traders are all over the place. Ultimately, this is going to be about interest rates more than anything else.
The British pound initially tried to rally during the trading session, but then sold off quite drastically to pierce the ¥160 level.
Japan's yen climbed on Monday as investors reacted nervously to UBS' cut-price takeover of its beleaguered rival Credit Suisse. Under the deal, holders of $17 billion of Credit Suisse Additional Tier-1 (AT1) bonds will be wiped out. The yen - long seen as a safe haven at times of stress - rallied as a fall in Asian bank stocks overnight spread to Europe on Monday.
Japan's yen rallied on Monday as investors sought out safe assets after UBS' cut-price takeover of its beleaguered rival Credit Suisse failed to quell market nerves. Under the deal, holders of $17 billion of Credit Suisse additional tier-1 (AT1) bonds will be wiped out. The yen - long seen as a safe currency to hold at times of stress - rallied as a drop in Asian bank stocks overnight spread to Europe on Monday.
The safe-haven yen rebounded from early steep declines and the risk-sensitive Australian and New Zealand dollars flipped to losses as early optimism ebbed over efforts by global authorities to contain a banking crisis. Japan's currency, which is particularly sensitive to long-term Treasury yields, rebounded from losses as steep as 0.6% to last be flat against the dollar as the U.S. 10-year yield fell sharply heading into the start of European trading, reversing an earlier 12 basis-point rise. Over the weekend, the Federal Reserve, European Central Bank, Bank of England, Swiss National Bank, Bank of Canada and Bank of Japan announced joint action to enhance market liquidity.
Safe-haven currencies the yen and U.S. dollar recovered from early steep declines and the risk-sensitive Australian and New Zealand dollars flipped to losses as early optimism ebbed over efforts by global authorities to contain a banking crisis. Japan's currency, which is particularly sensitive to long-term Treasury yields, rebounded from losses as steep as 0.6% to last be flat against the dollar as the U.S. 10-year yield pared an early decline in Tokyo trading and headed back toward a nearly two-month low. Over the weekend, the Federal Reserve, European Central Bank, Bank of England, Swiss National Bank, Bank of Canada and Bank of Japan announced joint action to enhance market liquidity.
UBS UBSG.S agreed to buy Credit Suisse on Sunday for 3 billion Swiss francs ($3.23 billion) and assume up to $5.4 billion in losses, in a shotgun merger engineered by Swiss authorities. Also weighing on the dollar are concerns about regional U.S. banks, despite several large banks depositing $30 billion last week into First Republic Bank FRC.N, the U.S. lender drawing the most unease from investors. Under the UBS-Credit Suisse deal, holders of $17 billion of Credit Suisse Additional Tier-1 (AT1) bonds will be wiped out.
The US dollar has plunged against the Japanese yen during the course of the week, slamming into the ¥132 area.
The British pound has plunged during the course of the trading week as the bond markets continue to be a huge mess at the moment.