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International

David Henry

Jamie Dimon jokes that JPMorgan will outlast China's Communist Party

Nov 24 2021

(Reuters) -JPMorgan Chase and Co's Chief Executive Officer Jamie Dimon joked on Tuesday that his bank would last longer than China's Communist Party.

JPMorgan CEO Dimon jokes his bank will outlast China's Communist Party

Nov 23 2021

Nov 23 JPMorgan Chase and Co's Chief Executive Officer Jamie Dimon joked that his bank would last longer than China's Communist Party while speaking in Boston Tuesday.

Analysis-Visa's Amazon spat shows power is shifting to retailers in fee battle

Nov 22 2021

NEW YORK Amazon.com Inc's latest spat with Visa shows big retailers, armed with a growing array of payment options, are gaining the upper hand in their power struggle with card providers, but it's not a crisis for the payment company.

JPMorgan sues Tesla for $162 million over warrants, Musk tweets

Nov 16 2021

NEW YORK JPMorgan Chase & Co has sued Tesla Inc for $162.2 million, accusing Elon Musk's electric car company of "flagrantly" breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank.

Scope for U.S. 'taper tantrum' sequel reignites capital debate

Nov 08 2021

NEW YORK Potentially destabilizing disruptions in U.S. Treasuries as the Federal Reserve pares bond buying have rekindled calls for it to change a capital rule which banks say discourages them from supporting the market.

Dollar climbs as inflation builds case for higher rates

Oct 29 2021

NEW YORK The dollar index continued to rebound from prior-day losses on Friday after U.S. government bond yields rose on news that the Federal Reserve's preferred inflation measure showed prices continuing to rise faster than its 2% target.

FOREX-Dollar rebound continues as euro plunges

Oct 29 2021

(Updates prices, market activity; new byline, changes dateline, previous NEW YORK/LONDON) * Dollar index on track for biggest one-day gain since June * Euro drops down more than 1% against dollar * British pound drops 0.8% * Moves reverse Thursday action * End-of-month position changes a factor * Markets juggle views of central bank rate moves By David Henry NEW YORK Oct 29 The dollar continued to rebound from prior-day losses on Friday as the euro plunged and currency and bond markets tried to sort through inflation reports and central bank comments amid end-of-month position adjustments. The dollar index was up 1% around noon (1600 GMT) in New York, more than reversing Thursday's loss of nearly 0.6%. The move put the dollar on track for its biggest one-day gain since at least June and near a one-year high reached 17 days ago. The euro fell more than 1% in its biggest daily percentage loss since March 2020. On Thursday the euro booked its biggest daily gain in five months. The British pound fell 0.8% to $1.3680. Volatility in the foreign exchange and the interest rate markets has increased during the week as they tried to digest central bank actions and economic reports. Next week could bring more of the same around policy meetings of the U.S. Federal Reserve, the Bank of England and the Reserve Bank of Australia. "A source of volatility could be this discrepancy between what the markets are saying and what the central banks are saying," said Marc Chandler, chief market strategist at Bannockburn Global Forex. Month-end adjustments of positions are another factor, Chandler said. U.S. Treasury yields rose after the government's index of core personal consumption expenditures - the Fed's preferred inflation measure - climbed 0.2% in September, showing an increase of 3.6% over 12 months. U.S. interest rate markets have been unusually volatile as traders prepare for the Federal Reserve to raise rates around mid-2022. European data on Friday showed inflation in the 19 countries sharing the euro rose to 4.1% in October from 3.4% a month earlier, beating a consensus forecast of 3.7% and creating a policy dilemma for the European Central Bank. Germany's 10-year bond yield rose on Friday as much as 8 basis points to its highest level since May 2019 and Southern European government bond yields surged. ECB President Christine Lagarde's failure during a Thursday press conference to push back against market expectations of higher interest rates has brought out bears, with Danske Bank strategists expecting the euro to fall to $1.10 over the next 12 months. "Investors are just not buying what the ECB is saying," said Marios Hadjikyriacos, a senior investment analyst at brokerage XM. Markets are betting that inflation will force the ECB to pull back on asset purchases sooner than planned. Elsewhere, the dollar gained 0.4% against the Japanese yen to 114.065. The Australian dollar slipped nearly 0.5% to $0.7509 after reaching the highest since early July at $0.75555 in the previous session. In cryptocurrencies, ether rose to a record $4,400 and was up 3% on the day, while bigger rival bitcoin gained 3% to $62,296. ======================================================== Currency bid prices at 12:02PM (1602 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 94.2420 93.3620 +0.96% 4.735% +94.2560 +93.3200 Euro/Dollar $1.1543 $1.1683 -1.19% -5.52% +$1.1690 +$1.1543 Dollar/Yen 114.0650 113.5600 +0.45% +10.40% +114.0850 +113.3950 Euro/Yen 131.65 132.69 -0.78% +3.73% +132.9100 +131.6800 Dollar/Swiss 0.9167 0.9120 +0.53% +3.62% +0.9176 +0.9103 Sterling/Dollar $1.3680 $1.3795 -0.82% +0.14% +$1.3804 +$1.3681 Dollar/Canadian 1.2404 1.2342 +0.50% -2.59% +1.2407 +1.2328 Aussie/Dollar $0.7509 $0.7545 -0.46% -2.37% +$0.7555 +$0.7501 Euro/Swiss 1.0581 1.0652 -0.67% -2.09% +1.0655 +1.0571 Euro/Sterling 0.8436 0.8472 -0.42% -5.61% +0.8473 +0.8435 NZ $0.7154 $0.7205 -0.61% -0.28% +$0.7201 +$0.7137 Dollar/Dollar Dollar/Norway 8.4605 8.3295 +1.47% -1.57% +8.4660 +8.3410 Euro/Norway 9.7674 9.7373 +0.31% -6.68% +9.7951 +9.7285 Dollar/Sweden 8.6004 8.5082 -0.16% +4.93% +8.6014 +8.5073 Euro/Sweden 9.9275 9.9439 -0.16% -1.48% +9.9624 +9.9261 (Reporting by David Henry in New York and Saikat Chatterjee in London. Editing by Angus MacSwan and Raissa Kasolowsky)

FOREX-Dollar rises with Treasury yields, as euro losses deepen

Oct 29 2021

(New throughout, updates prices, market activity and comments; new byline, changes dateline, previous LONDON) * Dollar index up 0.5% * Euro down 0.6% to $1.1609 * Markets juggle views of central bank rate moves By David Henry and Saikat Chatterjee NEW YORK/LONDON, Oct 29 The dollar bounced back on Friday from a prior day plunge after yields on government bonds rose and traders saw new inflation reports as challenging major central banks to pull back on asset purchases more quickly than planned. The dollar index was up nearly 0.5% in the morning in New York after having lost nearly 0.6% on Thursday. The euro fell 0.6% to $1.1609 just one day after having booked its biggest daily percentage gain in five months. Volatility in the foreign exchange and the interest rate markets has increased during the week as they tried to digest central bank actions and economic reports. Next week could bring more of the same around policy meetings of the U.S. Federal Reserve, the Bank of England and the Reserve Bank of Australia. "A source of volatility could be this discrepancy between what the markets are saying and what the central banks are saying," said Marc Chandler, chief market strategist at Bannockburn Global Forex. Month-end adjustments of positions are another factor, Chandler said. U.S. Treasury yields rose after the government's index of core personal consumption expenditures - the Fed's preferred inflation measure - climbed 0.2% in September, showing an increase of 3.6% over 12 months. U.S. interest rate markets have been unusually volatile as traders prepare for the Federal Reserve to raise rates around mid-2022. European data on Friday showed inflation in the 19 countries sharing the euro rose to 4.1% in October from 3.4% a month earlier, beating a consensus forecast of 3.7% and creating a policy dilemma for the European Central Bank. Germany's 10-year bond yield rose on Friday as much as 8 basis points to its highest level since May 2019. ECB President Christine Lagarde's failure during a Thursday press conference to push back against market expectations of higher interest rates has brought out bears, with Danske Bank strategists expecting the euro to fall to $1.10 over the next 12 months. "Investors are just not buying what the ECB is saying," said Marios Hadjikyriacos, a senior investment analyst at brokerage XM. Markets are betting that inflation will force the ECB to pull back on asset purchases sooner than planned. Elsewhere, the dollar gained 0.2% against the Japanese yen to 113.765. The British pound fell 0.3% to $1.3746. The Australian dollar slipped 0.3% to $0.7521 after reaching the highest since early July at $0.75555 in the previous session. In cryptocurrencies, ether rose to a record $4,400 and was up 2% on the day, while bigger rival bitcoin gained 1% to $61,323. ======================================================== Currency bid prices at 10:11 AM (1411 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 93.7840 93.3620 +0.46% 4.226% +93.8510 +93.3200 Euro/Dollar $1.1609 $1.1683 -0.62% -4.98% +$1.1690 +$1.1605 Dollar/Yen 113.7650 113.5600 +0.18% +10.10% +113.9750 +113.3950 Euro/Yen 132.07 132.69 -0.47% +4.06% +132.9100 +132.0400 Dollar/Swiss 0.9114 0.9120 -0.07% +3.01% +0.9134 +0.9103 Sterling/Dollar $1.3746 $1.3795 -0.33% +0.64% +$1.3804 +$1.3740 Dollar/Canadian 1.2381 1.2342 +0.31% -2.78% +1.2395 +1.2328 Aussie/Dollar $0.7521 $0.7545 -0.29% -2.20% +$0.7555 +$0.7515 Euro/Swiss 1.0579 1.0652 -0.69% -2.11% +1.0655 +1.0582 Euro/Sterling 0.8443 0.8472 -0.34% -5.53% +0.8473 +0.8443 NZ $0.7147 $0.7205 -0.80% -0.47% +$0.7201 +$0.7140 Dollar/Dollar Dollar/Norway 8.4180 8.3295 +0.92% -2.11% +8.4225 +8.3410 Euro/Norway 9.7738 9.7373 +0.37% -6.62% +9.7776 +9.7285 Dollar/Sweden 8.5487 8.5082 -0.19% +4.30% +8.5554 +8.5073 Euro/Sweden 9.9255 9.9439 -0.19% -1.50% +9.9624 +9.9262 (Reporting by David Henry in New York and Saikat Chatterjee in London. Editing by Angus MacSwan and Raissa Kasolowsky)

Dollar holds losses to euro after ECB comments, economic data

Oct 28 2021

NEW YORK The dollar held losses to the euro and British pound late on Thursday as currency traders digested moves in interest rate markets, comments by the European Central Bank President Christine Lagarde and a weaker-than-expected U.S. economic report.

FOREX-Dollar index drops on euro rise after ECB comments

Oct 28 2021

* Euro gains nearly 0.7% to $1.1683 * U.S. dollar index falls to 93.3320 * Sterling gains 0.4% to $1.3793 * BoJ gives another dovish outlook on inflation * Reserve Bank of Australia fuels rate-hike wagers (Revises throughout, updates prices, market activity, adds comment; new byline, changes dateline, previous NEW YORK/LONDON) By David Henry NEW YORK, Oct 28 The euro rose sharply against the U.S. dollar on Thursday as foreign currency traders sorted through moves in the interest rate markets, comments by the European Central Bank President Christine Lagarde and a weaker-than-expected U.S. economic report. The euro rose nearly 0.7% and was headed for its biggest daily gain since May. It traded at $1.1683 in the afternoon in New York. The dollar index of major currencies lost 0.6% TO 93.3320. The volatility came in a busy day of central bank-driven activity in Australia, Japan and Europe - all ahead of a meetings next week of the U.S. Federal Reserve and the Bank of England. "The market is very much triggered and sensitive to inflation worries and this notion that central banks are behind the curve," said Mazen Issa, senior currency strategist at TD Securities. After starting the week calmly, exchange rates started making bigger swings on Wednesday when the Bank of Canada made hawkish comments. A contributing factor to the increasing volatility, said Issa, is the approaching end of the month when more investment managers rebalance their portfolios across currencies. As central banks each chart adjustments to monetary policies adopted during the pandemic, traders are trying to predict the direction of interest rates and inflation-adjusted yields across currencies. Interest yield curves have flattened recently in uneasy bond markets, suggesting to some that central banks will have to sacrifice support for the pandemic recovery by allowing interest rates to rise to try to hold back inflation. Before Lagarde spoke in a press conference, the euro moved little. The ECB in its policy statement had stood, as expected, by its plan to keep buying bonds and hold down interest rates. But some saw Lagarde's comments as not being as forceful in affirming the ECB's dovish position as markets expected. "President Lagarde failed to give enough pushback against market expectations of rate hikes next year," Rabobank economists wrote in a note. The dollar got no help from a U.S. government report that gross domestic product grew at only a 2% annualized rate in the quarter ended in September. Economists polled by Reuters had forecast a 2.7% rate. More recent U.S. economic data has been stronger, so the report had not been expected to matter much to the dollar. The British pound firmed against the dollar but also slipped against the euro as much as 0.3%. Sterling was last up 0.4% to $1.3793. The pound has been buffeted recently by speculation over whether the Bank of England would proceed with an interest rate hike at its meeting next week. Early on Thursday, the Reserve Bank of Australia declined to buy a government bond at the heart of its stimulus programme and the Aussie dollar fell in response to speculation the central bank will allow rates to rise earlier than expected. The Aussie initially fell 0.5% after the RBA statement but soon erased those losses and was up 0.4% against the U.S. dollar at 1740 GMT. The Bank of Japan, as expected, stuck with its dovish stance at its meeting and the yen showed no reaction. Against the yen the dollar lost 0.3% to 113.80.. The BoJ cut its consumer inflation forecast for the year ending in March 2022 to 0% from 0.6% and, as expected, the overall takeaway reinforced market bets it will lag other central banks in dialling back crisis-mode policies. In cryptocurrencies, bitcoin rose 4% to $61,031. ======================================================== Currency bid prices at 1:40PM (1740 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 93.3320 93.8980 -0.59% 3.724% +93.9680 +93.2770 Euro/Dollar $1.1683 $1.1604 +0.69% -4.37% +$1.1692 +$1.1582 Dollar/Yen 113.4800 113.8050 -0.28% +9.84% +113.8600 +113.2600 Euro/Yen 132.57 132.03 +0.41% +4.45% +132.5900 +131.5800 Dollar/Swiss 0.9118 0.9182 -0.69% +3.06% +0.9194 +0.9117 Sterling/Dollar $1.3793 $1.3740 +0.41% +0.98% +$1.3814 +$1.3723 Dollar/Canadian 1.2344 1.2364 -0.17% -3.07% +1.2382 +1.2331 Aussie/Dollar $0.7548 $0.7520 +0.39% -1.87% +$0.7555 +$0.7479 Euro/Swiss 1.0654 1.0653 +0.01% -1.42% +1.0671 +1.0641 Euro/Sterling 0.8468 0.8440 +0.33% -5.25% +0.8470 +0.8423 NZ $0.7202 $0.7171 +0.43% +0.29% +$0.7216 +$0.7153 Dollar/Dollar Dollar/Norway 8.3275 8.4215 -1.12% -3.02% +8.4410 +8.3180 Euro/Norway 9.7299 9.7693 -0.40% -7.04% +9.7977 +9.7108 Dollar/Sweden 8.5200 8.5845 +0.00% +3.95% +8.6046 +8.5197 Euro/Sweden 9.9552 9.9555 +0.00% -1.20% +9.9855 +9.9539 (Reporting by David Henry in New York and Tommy Wilkes in London. Editing by Christina Fincher, Barbara Lewis and Marguerita Choy)

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