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Forex Market Update: Japanese Yen and Swiss Franc Slow Appreciation After Iran Announcement

The Japanese yen and the Swiss franc, which are considered safe currencies, slowed their appreciation. This comes after Iran announced that it had no plans to retaliate against Israel.

The Japanese yen and Swiss franc rose against other currencies after reports of Israeli attacks on Iran, but have since weakened.

In afternoon trading, the dollar/Swiss franc pair fell 0.2% to 0.91 francs. At one point, it hit a two-week low of 0.9011 francs.

The dollar/yen pair fell slightly to 154.57 yen. At one point, the price dropped to 153.59 yen.

The dollar index also rose for a while, but then fell back and ended the day almost unchanged at 106.17.

The foreign exchange market remained volatile from London to New York. The euro/dollar pair initially fell, but ended flat at $1.0648. The pound/dollar exchange rate was down 0.5% at $1.2370.

Among crypto assets (virtual currencies), Bitcoin rose 1.1% to $64,287.

NY Foreign Exchange Market:

Government bond yields have fallen. Amid reports that Israel has struck back against Iran, money flowed into safe havens such as US Treasuries.

US Treasuries were sold off this week as expectations of a rate cut by the US Federal Reserve (Fed) receded. If concerns about escalating conflicts in the Middle East ease, it could be a selling point for US bonds.

This week, several Fed officials said there was no need to rush to cut interest rates given the strength of the U.S. economy and labor market. On the same day, the President of the Chicago Federal Reserve, Goolsby, said that progress towards curbing inflation had stopped this year, and that the Fed’s current restrictive policies are appropriate. See more

The market currently expects a total rate cut of 40 basis points (bp) this year, down from 48 basis points at the start of the week. In early January, it was 160bp.

The 10-year bond yield fell 3 basis points to 4.617%. The 30-year bond yield fell 3.2 basis points to 4.713%.

The yield on two-year bonds, which easily reflects the outlook for interest rates, fell 1.5 basis points to 4.975%. The yield gap between 2-year and 10-year bonds was -35.5 basis points, down about 5 basis points from the previous day.

Mi Financial Bond Market ・:

The Nasdaq Composite and the S&P Composite 500 ended trading lower.netflix(NFLX.O) New Tabopens a new tabThe drop in stock prices weighed on the market. On the other hand, American Express (Amex)(AXP.N) New tabopens a new tabStock prices remained strong, and the Dow Jones industrial average remained in good territory.
Netflix fell 9.0%, pushing down the S&P 500 and Nasdaq. In the first quarter (January-March) results announced on the 18th, the number of new members exceeded market expectations for the second consecutive quarter, but the sales forecast for the second quarter below market expectations. See more

Meanwhile, Amex rose 6.2%. Profits for the first quarter were higher than expected.

The S&P 500 and Nasdaq fell for six consecutive days, the longest decline since October 2022.

Semiconductor-related stocks also fell. Philadelphia Semiconductor Index (SOX)(.SOX)New Tabopens a new tabchanged so far -4.12%. The stock fell 9.23% for the week, the biggest decline in the past two years.
Among individual stocks, is US media giant Paramount Global(TO.O) New Tabopens a new tabchanged to date +13.4% compared to yesterday.Sony Group(6758.T)New Tabopens a new tabSony Pictures Entertainment and US private equity (PE) firm Apollo Global Management(APO.N) New Tabopens a new tabReuters said they are in talks to get the company together. See more

Advancing issues outnumbered declining issues on the New York Stock Exchange by a 1.8-to-1 ratio. On the Nasdaq, there were also many stocks that rose by a ratio of 1.08 to 1.

The total trading volume on US exchanges was 11.48 billion shares. The average for the last 20 business days was 10.99 billion shares.

US stock market:

Demand for gold as a safe-haven asset rose again against a background of uncertainty about the future of the situation in the Middle East, and continued to grow. The settlement price (equal to the closing price) in the contract’s main month, June, rose $15.80 (0.66%) from the previous day to $2,413.80 an ounce, setting a new all-time high for the first time in three days.

NY Precious Metals:

Continues to increase slightly due to increasing risk of conflict in the Middle East. The settlement price (equal to the closing price) of the May contract for WTI standard US oil was $83.14 per barrel, an increase of $0.41 (0.50%) from the previous day. The stock fell 2.94% for the week. The June contract rose $0.12 to $82.22.

NYMEX Energy:

This is a provisional value based on LSEG data. The comparison from the previous day may not match.

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2024-04-19 21:41:00
#Market #Summary #19th #Yen #Rise #Slows #Nasdaq #Falls #Yields #Fall

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