Forex Today: Risk aversion lifts the Yen and the US Dollar – by MSalordFX DollarIndex USDJPY RiskAversion
ew Zealand will inform trade data and credit card spending. Later in the day, the US Durable Goods Orders report is due. The US Dollar could continue to benefit amid a deterioration in market sentiment.The Japanese Yen rose sharply on Tuesday amid risk aversion on renewed banking concerns and a rally in government bonds. The US Dollar also rose. A week before the FOMC meeting, banking concerns are back, an episode that could become somewhat similar to what happened in March.
First Republic Bank earnings calls triggered concerns about the banking sector's health. Bank’s executives delivered prepared remarks and refused to take questions. The bank lost $102 billion in customer deposits and borrowed $92 billion during the first quarter. The stock lost almost 50% on Tuesday. Bank stocks dropped sharply.
Global equity markets fell and bonds rose, boosting the Yen and the Dollar. The Dow Jones tumbled 1.02% and the Nasdaq lost 1.98%. The US 10-year bond yield settled at 3.39%, the lowest since April 12. Economic data from the US came in mostly above expectations, with positive signs from the housing sector. The S&P/Case-Shiller Home Price index rose for the first time in eight months and New Home Sales surged 9.6% in March to a 683.000 annual pace, marking the third increase in the last four months. CB Consumer Confidence dropped, but the present situation indicator improved. The critical report will be on Thursday with the first reading of Q1 GDP and consumer inflation.
On Tuesday, Bank of England Huw Pill said that recent events moderated calls for higher interest rates. The UK informed an increase in borrowing of 20.709 billion pounds in March, slightly below expectations. It was the second-highest March borrowing since 1993, with the debt-to-GDP ratio reaching 100%, the highest since the 1960s. dropped from 1.2500 to the 1.2400 zone amid Dollar strength.
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