Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Foreign exchange reserve
The dollar hovered near a one-week high against the yen on Thursday, propped up by hopes of Sino-US trade talk progress though investors were nonetheless cautious ahead of a meeting between leaders of the two powers in Japan in days ahead.
The greenback was little changed at 107.730 yen, having risen about 0.6 per cent overnight to 107.850 yen, its highest since June 20. The US currency was supported by comments from US Treasury Secretary Steven Mnuchin that the trade deal between the US and China is “about 90 per cent” complete.
Mnuchin's comments were later restated to show he was using the past tense to describe progress in the US-China talks though the cautious optimism remained intact.
“As the yen's moves on the Mnuchin comments show, the market is likely to react nervously to headlines related to the G20 summit,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities.
US President Donald Trump and Chinese President Xi Jinping are due to meet at the June 28-29 G20 summit in Osaka. Investors are focusing on whether the two leaders can pave the way to resolve a trade dispute between the world's two biggest economies.
The potential implications of the Trump-Xi meeting for US monetary policy are huge, Yamamoto at Mizuho Securities said.
“If the two sides agree not to impose more tariffs, the Fed would no longer need to cut rates,” he said. “On the contrary, if the talks point to the imposition of more tariffs, that could nudge hesitant policymakers towards rate cuts.”
The dollar has taken a hit over the past week - it reached a six-month low of 106.780 yen on Tuesday - after the Federal Reserve opened the door to possible monetary easing in the coming months.
The dollar index against a basket of six major currencies was a touch lower at 96.196 after rising modestly the previous day.
The index had retreated to a three-month low of 95.843 at the start of the week amid the Fed's easing prospects. But it has managed to regain some traction after comments this week from central bank officials such as Chair Jerome Powell that tapered aggressive rate cut expectations.
The euro was steady at $1.1369 after inching up 0.05 per cent on Wednesday. The Canadian dollar was on a bullish footing as crude oil's surge supported commodity-linked currencies. The loonie traded at C$1.3124 per dollar after advancing overnight to C$1.3108, its strongest since early February.
Oil prices surged as US stockpiles of crude and refined products decreased. The New Zealand dollar traded near a two-month peak of $0.6693 scaled on Wednesday, when the currency bounced after the Reserve Bank of New Zealand refrained from lowering rates.
The Australian dollar was close to a 2-1/2-week high of $0.6995 brushed the previous day.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Option price falls more than it rises for the same change in underlying
A long-term vacation here is worth a check-in
The fund delivered a return of 31.5% in 2020 compared with the category’s 15.5%
Care Health Insurance’s new rider offers no great benefit. We review its pros and cons
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
While good writing wars against the cliché, television gives it a natural home
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
The storming of the Capitol on January 6 could be the prelude to yet another chapter in the US’s long and ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor