An Hour Ago
Japanese yen strengthens to 155 against the U.S. dollar
The Japan flag is juxtaposed against a Japanese yen bank note.
Javier Ghersi | Moment | Getty Images
The Japanese yen traded at 155.95 against the U.S. dollar, strengthening to its strongest level in 11 days.
Japanese authorities are suspected to have intervened to prop up the currency on Monday after it breached the 160 level against the greenback to touch fresh 34-year lows.
Japanese authorities are yet to make an official statement about any support measures taken to boost the yen after having repeatedly warned against “excessive” moves in the currency.
Japan stocks were lower on the day, with the Nikkei 225 down 0.3%.
— Shreyashi Sanyal
An Hour Ago
South Korea consumer prices rise at a slower pace in April
South Korea’s consumer prices rose at a slower pace in April from March on a year-on-year basis, according to official data.
April CPI came in at 2.9% year on year, compared with a 3.1% rise in March. The reading was also lower than a 3% gain expected by a Reuters poll of economists.
Core CPI, excluding food and energy prices, rose 2.3%. It was slightly slower than a 2.4% increase in March.
South Korea’s Kospi edged 0.1% lower at open.
— Shreyashi Sanyal
7 Hours Ago
U.S. crude oil falls below $80, hits seven-week low as stockpiles surge on lackluster demand
A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California.
Citizens Of The Planet | Universal Images Group | Getty Images
U.S. oil prices tumbled more than 3% to dip below $80 a barrel on Wednesday as crude stockpiles surged on lackluster demand.
The West Texas Intermediate contract for June delivery fell $2.83, or 3.45%, to $79.10 a barrel, the lowest level in seven weeks. Brent July futures lost $2.77, or 3.21%, to $83.56 a barrel.
U.S. oil inventory levels have risen to the highest levels since June 2023 as refiners process less crude as demand for gasoline has softened.
“The refiner is totally floundering on the run rate and that’s because they don’t believe there’s demand there,” said Bob Yawger, director of energy futures at Mizuho Americas.
— Spencer Kimball
8 Hours Ago
Federal Reserve keeps rates steady, moves to ease the pace of balance sheet reduction
Federal Reserve Chair Jerome Powell announces interest rates will remain unchanged during a news conference at the bank’s William McChesney Martin building in Washington, D.C., on May 1, 2024.
Chip Somodevilla | Getty Images
The Federal Reserve on Wednesday kept interest rates steady, deciding not to lower rates as it contends with persistent pricing pressures.
The central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25% and 5% in what was a widely anticipated move. The federal funds rate has been at that level since July 2023.
The Federal Open Market Committee voted to ease the pace at which it is lowering bond holdings on the Fed’s balance sheet, a move that could signal an incremental easing of monetary policy.
The S&P 500 was slightly lower following the decision.
— Sarah Min, Jeff Cox
8 Hours Ago
Dollar index falls to session low
The dollar index declined 0.1% to 106.09 Wednesday afternoon following the Federal Reserve’s decision to maintain its benchmark short-term borrowing rate in a range between 5.25% and 5%. The decision had been widely anticipated by the market.
However, the dollar index was still above Tuesday’s low of 105.667.
— Hakyung Kim, Gina Francolla
