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  • Sterling gains on tax cut U-turn, yen weakens past 145 per dollar

    By Rae Wee and Alun John SINGAPORE/LONDON (Reuters) - Sterling rose on Monday after Britain reversed a plan to cut the highest rate of income tax while the yen weakened past 145 per dollar, near the level where Japanese authorities intervened last month. The pound touched a one-week high of $1.128 after media reports of…

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  • Thai central bank says has acted to curb baht volatility

    BANGKOK (Reuters) -Thailand's central bank has been in the foreign exchange market to reduce currency volatility, the central bank said on Saturday, as the Thai baht currency hovered at 16-year lows against the dollar. The baht has fallen 11.7% against the dollar this year, which the central bank said had been driven by dollar strength.…

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  • China’s yuan snaps eight-day losing streak after strong PBOC warning

    SHANGHAI (Reuters) -China's yuan bounced on Thursday from a 14-year low against the dollar hit in the previous session, snapping eight straight days of losses, after the central bank warned against speculative trading and heavy one-way bets on the currency. The People's Bank of China (PBOC) said on Wednesday that stabilising the foreign exchange market…

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  • Sterling, euro rally against dollar after BoE buys UK bonds

    By Sinéad Carew and Alun John NEW YORK/LONDON (Reuters) - After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high. The BoE said it received 2.587 billion…

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  • ADB head says FX intervention among tools for emerging Asia

    By Tetsushi Kajimoto and Leika Kihara TOKYO (Reuters) -Capital controls and currency intervention are among tools emerging Asian policymakers can use if rapid U.S. interest rate hikes and a surging dollar risk triggering a debt crisis, Asian Development Bank President Masatsugu Asakawa said on Friday. With investment flows already volatile, Asian policymakers may also need…

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  • Grim PMIs knock euro, sterling to new lows as recession looms

    By Joice Alves LONDON (Reuters) - The euro and sterling slumped against the dollar on Friday after surveys showed the downturn in business activity across the euro zone and Britain deepened this month and the economies were likely entering a recession. The euro slipped 0.8% to $0.97510, its lowest level since October 2020, after S&P…

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  • Explainer-Japan intervenes in the currency market, now what?

    By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) - Japan intervened in the currency market on Thursday to buy yen for the first time since 1998, in attempt to shore up the hard-hit currency after the Bank of Japan stuck with ultra-low rates. Below are details on how yen-buying intervention typically works as well as…

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  • Yen jumps after authorities intervene for first time since 1998

    By Kevin Buckland and Alun John TOKYO/LONDON (Reuters) - The Japanese yen rose sharply against the dollar on Thursday after authorities intervened in the foreign exchange market for the first time since 1998 to shore up the battered currency. The dollar fell over 1% to as low as 142.3 yen, having earlier traded more than…

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  • U.S. dollar soars to two-decade high as Fed flags more large hikes

    By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar surged to a fresh two-decade high on Wednesday after the Federal Reserve raised interest rates by another 75 basis points and signalled more large increases at its upcoming meetings. Dollar gains were limited since the Fed decision was widely expected. Still, since U.S. rates will be higher…

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  • C$ slides to 2-year low as Fed eyes higher end-point for rates

    By Fergal Smith TORONTO (Reuters) - The Canadian dollar slumped to a two-year low against its U.S. counterpart on Wednesday before paring its decline, as investors weighed the Federal Reserve's plans to continue raising interest rates to tackle inflation. The Canadian dollar was trading 0.3% lower at 1.34 to the greenback, or 74.63 U.S. cents,…

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