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18 Jan

Yen loses steam as stronger Yuan mess cool nerves:

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The Chinese central bank set a firmer guidance rate by fixing by the most in almost month.This made Yen to tumble near a four-month high.
 
China, which is due to publish a slew of economic data this week, will probably report fourth-quarter gross domestic product growth of 6.9 percent on Tuesday, according to economist estimates. The Australian dollar outperformed major peers after slumping Friday to the weakest level in almost seven years.
 
The yen weakened 0.1 percent to 117.08 per dollar as of 8 a.m. in London, having depreciated as much as 0.3 percent earlier. It appreciated to 116.51 on Friday, the strongest level since Aug. 24. Japan’s currency gained 0.2 percent to 127.46 per euro. The dollar strengthened 0.3 percent to $1.0888 against the euro. 
 
The People’s Bank of China raised its daily reference rate for the yuan by 0.07 percent on Monday, the most since Dec. 21, after weaker-than-expected fixings earlier this month rattled financial markets worldwide.
 
Bank of Japan Governor Haruhiko Kuroda told a group of bank managers Monday that monetary easing is exerting its intended effects and policy makers will monitor risks and make adjustments should they be needed.
 
Bullish bets on the yen climbed to the highest level in three years as concern global growth is slowing spurred demand for the relative safety of Japan’s currency. Hedge funds and other large speculators boosted net long positions on the yen to 25,266 contracts in the week through Jan. 12, the most since October 2012, based on futures.
 
Signs that China’s economy is losing momentum pushed back expectations for the Federal Reserve’s next interest-rate increase. There’s a 26 percent chance the Fed will raise rates by its March meeting, down from 53 percent probability on Dec. 30. The U.S. central bank lifted its benchmark for the first time in almost a decade at its Dec. 15-16 gathering.
 
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