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Economy8 minutes ago (Mar 24, 2022 01: 36AM ET)


© Reuters. FILE PHOTO: U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic/Illustration


By Tom Westbrook and Kevin Buckland

SINGAPORE/TOKYO (Reuters) – The U.S. dollar came across some toughen in Asia on Thursday as commodity currencies took a breather from a steep rally driven by rising costs for exports, whereas a recovery within the U.S. bond market equipped minute solace to the struggling yen.

The Australian and Original Zealand dollars hovered staunch under multi-month peaks and the euro held at $1.0989 after a modest in a single day tumble.

The yen made a six-year low of 121.41 per dollar on Wednesday and became once pinned terminate to that stage at 121.25 in morning replace as merchants build a question to the Financial institution of Japan to stoop blueprint on the serve of policy tightening by other predominant central banks combating inflation.

An ever-extra hawkish sounding U.S. Federal Reserve has extra widened that policy gap with the Financial institution of Japan, even though even an in a single day steadying within the Treasury market after a few classes of brutal selling did no longer appear to give the yen grand assist.

“The basic drivers of greenback/yen now are U.S. rates as well to Japan’s present-tale deterioration as a result of excessive oil costs,” said Shinichiro Kadota, senior FX strategist at Barclays (LON:) in Tokyo.

“From a technical standpoint, about 121.7 became once the excessive from early 2016, so as that can even be the next key purpose within the definitely terminate to timeframe, but if we rupture above that, 125 might maybe well attain into focal level.”

Benchmark 10-year Treasuries, which were battered by every other round of bets on aggressive U.S. rate hikes, regained composure in a single day and yields fell by 9 foundation choices (bps) – even though they’re tranquil up extra than 50 bps this month.

In other areas the Australian dollar held at $0.7494 after a short time out above $0.75 in a single day. The Original Zealand dollar became once 0.2% softer at $0.6960.

Sterling slipped in a single day and became once marginally softer on Thursday at $1.3187 despite the indisputable reality that February inflation became once slightly hotter than anticipated.

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