Market News

Japan’s economy expanded more than initially estimated in the last quarter of 2017, thanks to an upward revision of capital expenditure and inventory data, confirming an eighth consecutive quarter of growth.

Japan’s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck.

The U.S. currency made a bit of a comeback against most of its rivals on signs that the Trump administration could either temper or delay their proposed increase in tariffs.

The dollar was little changed on Wednesday against a basket of currencies as traders await details on U.S. President Donald Trump’s proposed tariffs on steel and aluminum, which have touched off fears of a global trade war.

The Canadian dollar weakened against the greenback on Wednesday as the Bank of Canada worried about trade policy developments, but the loonie pared its loses on prospects of an exemption from U.S. metals tariffs.

The Bank of Canada held interest rates steady on Wednesday, as expected, saying that while trade policy is an “important and growing source of uncertainty,” inflation is running close to 2 percent and the economy is near capacity.

EU leaders will discuss global trade and the threat of a “serious trade dispute” during a special session at their summit on March 22-23, European Council President Donald Tusk said on Wednesday.

The European Union offered Britain on Wednesday a free-trade agreement that is modest compared with what London has called for, and spells out clear limits on the access British banks could have to the bloc after the country leaves.

Directional movement and volatility were both in short supply during today’s morning London session, with many currency pairs trading sideways in tight ranges. The Swissy is worth noting, though, since the Swissy was broadly lower for the session.

The European Union on Wednesday offered Britain a free trade agreement for their post-Brexit relationship, a draft text showed, outlining a much more limited cooperation than London had called for.

Asian markets felt the ripple of Gary Cohn’s resignation as high-yielding bets were sold. Meanwhile, a disappointing GDP report dragged the Aussie even lower.

Short-dated Japanese government bond yields rose on Wednesday ahead of an auction later this week, while longer-dated bond yields dipped as the Bank of Japan’s buying operation highlighted limited selling interest.

Global stocks and the dollar slumped on Wednesday after a key advocate for free trade in the White House resigned, fanning fears that President Donald Trump will proceed with tariffs and risk a trade war.

Market watchers remained hopeful that Trump could temper his tough talk on tariffs for the most part of the New York session. However, a plot twist emerged when top economic adviser Gary Cohn announced his resignation.

The U.S. dollar dropped to a two-week low on Tuesday as traders bet on riskier currencies on news North and South Korea would hold their first summit in more than a decade and after the South said the North was willing to discuss denuclearization with the United States.

U.S. President Donald Trump said on Tuesday he saw “possible progress” regarding North Korea after South Korea said Pyongyang is willing to hold talks with the United States on denuclearization and will suspend nuclear tests while discussions are under way.

Oil rose on Tuesday, paring earlier losses after South Korea said it would hold a summit with North Korea for the first time in more than a decade, which investors took as a cue to sell the U.S. dollar and buy risk-sensitive assets such as commodities.

New orders for U.S.-made goods recorded their biggest decline in six months in January and business spending on equipment appeared to be slowing after strong growth in 2017.

The risk-on vibes and commodities rally gave the comdolls a boost. Meanwhile, positive developments in North Korea and the risk-on vibes weakened JPY and rumors of the E.U.’s plans to slap tariffs on U.S. imports apparently weakened USD.

European shares bounced off six-month lows on Tuesday as the focus shifted from politics to dealmaking and earnings, with paper and packaging stocks soaring after Smurfit Kappa rejected a bid approach.