Premarket: Global shares steady as yen intervention keeps currency markets in focus
Global shares steadied on Friday as markets reacted to a sudden yen surge amid speculation of Japanese intervention, while U.S. futures edged higher following strong tech earnings. Currency markets remained in focus with the yen posting its strongest weekly rally since February, and investors watched for further action from Japan's Ministry of Finance. Central bank decisions and geopolitical tensions in the Strait of Hormuz also contributed to market dynamics, with oil prices rising and major central banks signaling potential rate hikes.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountGlobal shares steadied on Friday, with attention firmly on currency markets after the yen suddenly jumped against the dollar in early European trading, a day after Tokyo authorities were widely believed to have intervened to prop up the Japanese currency.The greenback tumbled as much as 1 per cent against the yen in a matter of minutes on Friday before moderating; it was last down 0.1 per cent on the day at 156.45.“The move is clearly - thus far anyway - a lot more modest than the moves that we saw in dollar-yen yesterday,” said Mike Brown, senior research analyst at Pepperstone.Japanese authorities stepped into the markets to haul the currency back from near two-year lows on Thursday.Meanwhile, U.S.
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