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European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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Basel Committe fail to sign off on latest bank reform measures

Banking regulators have failed to sign off the latest package of global industry reforms, leaving a question mark hanging over bankers who complain they have faced endlessly evolving regulation since the financial crisis. Policymakers had hoped to agree the contentious new measures at a crunch meeting held in Chile this week, but a senior official […]

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Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Categorized | Currencies

Fast Asia Open: US rate case firms, yen’s sells-off

Posted on November 23, 2016

The Federal Reserve’s case for a rate rise was given a boost overnight following solid US economic data, helping to push the dollar higher and in turn prompting a sharp drop in the yen.

Investors focused on durable goods orders, which rose 4.8 per cent in October and roundly beat the average of economists’ expectations. Moreover, minutes from the Fed’s November meeting showed members concluding the case for a rate rise had strengthened, but that they should see further evidence of inflation and a more robust labour market pefore taking the step.

The dollar index, a measure of the US currency against a basket of global peers, was a beneficiary, rising 0.7 per cent. Dollar strength put pressure on other currencies, particularly the yen, which was sank 1.2 per cent yesterday and was a further 0.1 per cent lower on Thursday at ¥112.58 per dollar.

Futures tip Japan’s Nikkei to rise 0.1 per cent, and for Hong Kong’s Hang Seng to drop 0.5 per cent. Australia’s S&P/ASX 200 was up 0.3 per cent within the first half-hour of trade.

Here is today’s economic calendar (Hong Kong times):

  • 08.00: Singapore 3Q GDP final reading
  • 08.30: Japan November Nikkei-Markit manufacturing PMI
  • 09.00: China October Swift global payments
  • 16.30: Hong Kong imports, exports, trade balance
  • Vietnam CPI for November is due today.