Yen steady, Asian stocks weak as wild week winds down

A man walks past an electric screen displaying the current Japanese Yen exchange rate against the U.S. dollar outside a brokerage in TokyoTOKYO - The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.

However, some markets rebounded, with Hong Kong's Hang Seng up 0.74% and Australia's benchmark adding 0.85%. Friday's release of the PCE deflator, one of the Fed's preferred price gauges, will be "the next test, and arguably climax to the week's trade," said Kyle Rodda, a senior market analyst at Capital.com.

Safe-haven demand for the yen cooled overnight, and an unwinding of long-held bearish bets lost steam after the Japanese currency gained 2.4% this week against the dollar, putting it on track for its best performance since late April.The dollar last traded 0.28% lower at 153.525 yen, after dropping as low as 151.945 on Thursday for the first time since May 3, and then springing back by the end of the trading day.

Markets see only a slight chance for a Fed rate cut of at least 25 bps next week but are fully pricing in a September reduction, according to CME's FedWatch Tool.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Asian stocks mixed with volatile yen after Wall Street rises on inflation reportHONG KONG (AP) — Asian stocks were mixed Friday, with the Japanese yen losing some of its gains after the latest U.S. update on inflation bolstered Wall...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Asian Stocks to Fall as Yen Plunges to Fresh Low: Markets Wrap(Bloomberg) -- Shares in Asia were set to open lower after US tech stocks fell in late trading while the yen weakened, triggering fresh speculation officials...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Asian Stocks to Fall as Yen Plunges to Fresh Low: Markets WrapShares in Asia were set to open lower after US tech stocks fell in late trading while the yen weakened, triggering fresh speculation officials may step in to support the currency.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Asian stocks meander after US tech earns disappoint; yen firmsAsian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Asian stocks slide on rising trade tensions, yen climbsAsian equities fell on Thursday, led by chip stocks as investors fret over the prospect of escalating trade tensions between the U.S. and China, while the...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Asian Stocks to Gain on CPI; Japan Set for Yen Hit: Markets Wrap(Bloomberg) -- Most Asian stock markets were set to advance Friday on fresh signs of slowing US inflation that sent bond yields tumbling and sparked a...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »