Jonathan Cavenagh News
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Currency strategists from Barclays Plc to Deutsche Bank AG are telling investors to sell the yuan, this year’s best-performing emerging-market currency, as growth slows in the world’s second-largest economy and inflows wane.
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Pacific Investment Management Co. and HSBC Global Asset Management see opportunity in the Indian rupee’s slide to a record low.
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Australia’s dollar fell to the lowest in almost three years versus the greenback after home- loan approvals grew at the slowest pace in three months, boosting the case for further cuts to borrowing costs.
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The won fell to a two-month low on speculation global investors selling South Korean equities will repatriate proceeds. Government bonds rose.
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India’s rupee dropped to a record low on speculation the U.S. Federal Reserve will pare debt purchases that have spurred inflows into emerging markets.
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The yuan climbed the most in three weeks in Hong Kong’s offshore trading after a report showed manufacturing picked up in May and the central bank indicated it won’t target a weakening of the currency.
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Malaysia’s ringgit dropped by the most in four months and bonds fell as concern the Federal Reserve will pare its stimulus reduced demand for emerging- market assets.
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China’s yuan rose to within 0.2 percent of a 19-year high on speculation capital inflows will spur appreciation.
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India is using a surge in inflows into local bonds and equities to rebuild its currency reserves, boosting its ability to avoid a junk debt rating.
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The Australian dollar rose to the highest in almost two weeks against its U.S. counterpart before the Federal Reserve opens a two-day meeting amid speculation it will maintain bond purchases for the foreseeable future.
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