A currency trader passes by the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 29, 2024. A currency trader passes by the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 29, 2024.
Stephen Innes, managing partner at SPI Asset Management, said the market mood was positive after last week’s Wall Street tech-driven rally. The yen reached a new 34-year low after the Bank of Japan’s decision to keep interest rates unchanged Friday. That was in line with expectations, but what was unexpected was the central bank’s apparent lack of significant concern about the exchange rate, Innes added.Stock market today: Alphabet and Microsoft help Wall Street clinch its best week in nearly 6 monthsIn currency trading Monday, the U.S. dollar edged up to 159.17 Japanese yen from 158.30 yen. The euro cost $1.0716, up from $1.0699.
On Wall Street, shares closed out a relatively solid week on Friday, with the S&P 500 rallying 1% to finish its first winning week in the last four.Recent data on U.S. inflation have analysts expecting the Federal Reserve to keep rates on hold. Its main interest rate has been sitting at the highest level since 2001.
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