CBA commonwealth bank of australia.

News: CBA FOREX-Dollar firms after U.S. labor data suggests more rate hikes

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    	  U.S. labor market still strong; Q4 labor costs revised 
    

    higher

    	  Fed's Bostic: raising rates 'slow and steady' appropriate 
    

    action

    	  Price rises ease in euro zone in February 
    

    	  Investors see ECB key rate at 4.1% at year-end 
    

    (Adds comment, fresh prices)

    The dollar strengthened on Thursday after unemployment claims pointed to a still strong U.S. jobs market and other data showed growing labor costs, indicating the Federal Reserve has further to go in raising interest rates to tame inflation.

    The yield on two-year Treasury notes US2YT=RR , which are sensitive to interest rate expectations, shot to levels last seen in July 2007 as the market perceives the Fed will raise rates further to curb rising consumer prices.

    "This move higher that you're seeing in U.S. rates is not happening in isolation," said Alvise Marino, macro trading strategist at Credit Suisse in New York.

    "Similar developments are happening in the rest of the world, in particular in Europe, mostly notably, where the inflation data keeps on surprising relatively strong," he said.

    Atlanta Fed President Raphael Bostic said on Thursday that the U.S. central bank

    was ready to keep lifting rates

    higher if inflation doesn't slow and was still mulling how recent, stronger-than-anticipated inflation data might shape Fed policy.

    The impact of higher rates on the economy may only begin to "bite" in earnest this spring, an argument for the Fed to stick with "steady" quarter-point rate increases, Bostic said.

    "There's more and more of a concern that incoming data is revealing that the Fed might be a little bit behind the curve than maybe they expected heading into this year," said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto.

    Futures edged higher, with the market pricing a peak rate climbing to 5.493% in the fed funds by September, before easing a bit later in the session to 5.447%. FEDWATCH

    The number of Americans filing new claims for unemployment fell again last week, pointing to a still strong jobs market. Another Labor Department report showed labor costs grew much faster than previously estimated in the fourth quarter.

    The euro slid on data that showed inflation in the euro zone was not as high as investors had feared but remains elevated. Inflation eased to 8.5% from 8.6% in January on lower energy prices.

    The dollar index =USD , a basket of major trading currencies, rose 0.623%, while the euro EUR= fell 0.71% to $1.0589.

    The market's reaction to the euro zone data was muted at first following the euro's EUR=EBS 0.9% rise against the dollar on Wednesday, its biggest daily gain in a month, after data showed prices in Germany rose more than hoped last month.

    Investors now see the ECB's 2.5% deposit rate rising by a combined 100 basis points in March and May, then to around 4.1% at the turn of the year. Markets have priced in an extra 50 basis points of hikes in just the past month.

    Policymakers were split in February on the type of signal they should send about the ECB's next rate move, accounts of the central bank's meeting on Feb. 2 showed on Thursday.

    Sterling GBP=D3 was held back by remarks from Bank of England Governor Andrew Bailey, who said "nothing is decided" on future rate increases, which led traders to trim bets on higher rates. Sterling GBP= traded at $1.194, down 0.76% on the day.

    The Japanese yen weakened 0.44%, while the Australian AUD=D3 and New Zealand dollars NZD=D3 moved lower after strong gains on Wednesday driven by Chinese manufacturing data.

    The offshore Chinese yuan rose 0.70% to $6.9265 per dollar. Investors are looking ahead to China's National People's Congress meeting, which begins on Sunday, for guidance on policy support for the post-COVID recovery.

    Bitcoin BTC=BTSP fell 0.81% to $23,442.00 after shares of Silvergate Capital Corp SI.N fell more than half when the crypto-focused bank delayed its annual report and said it had sold additional debt securities.

    Currency bid prices at 3:24 p.m. (2024 GMT)

     Description	  RIC		 Last	   U.S.  Pct Change	 YTD Pct	   High Bid	Low Bid 
    										 Clos				  Change					
    										 e											   
    										  Pre											
    										 viou											
    										 s											   
    										  Ses											
    										 sion											
     Dollar index	  =USD	   104.9700   104.  +0.58%		 1.430%		+105.1800   +104.3300 
    										 3800											
     Euro/Dollar	   EUR=EBS	$1.0597	$1.0  -0.68%		 -1.10%		+$1.0672	+$1.0577 
    										 670											 
     Dollar/Yen		JPY=EBS	136.7450   136.  +0.38%		 +4.29%		+137.0900   +136.0300 
    										 2200											
     Euro/Yen		  EURJPY=	144.90	 145.  -0.27%		 +3.28%		+145.5600   +144.7800 
    										 29											  
     Dollar/Swiss	  CHF=EBS	0.9415	 0.93  +0.21%		 +1.84%		+0.9439	 +0.9395 
    										 98											  
     Sterling/Dollar   GBP=D3	 $1.1945	$1.2  -0.67%		 -1.23%		+$1.2035	+$1.1924 
    										 025											 
     Dollar/Canadian   CAD=D3	 1.3599	 1.35  +0.05%		 +0.37%		+1.3641	 +1.3586 
    										 92											  
     Aussie/Dollar	 AUD=D3	 $0.6731	$0.6  -0.41%		 -1.25%		+$0.6766	+$0.6707 
    										 759											 
     Euro/Swiss		EURCHF=	0.9978	 1.00  -0.44%		 +0.84%		+1.0041	 +0.9975 
    										 22											  
     Euro/Sterling	 EURGBP=	0.8871	 0.88  +0.08%		 +0.31%		+0.8891	 +0.8857 
    										 64											  
     NZ				NZD=D3	 $0.6220	$0.6  -0.57%		 -2.02%		+$0.6257	+$0.6199 
     Dollar/Dollar						   257											 
    
     Dollar/Norway	 NOK=D3	 10.4400	10.4  +0.32%		 +6.39%		+10.4930	+10.3900 
    										 080											 
     Euro/Norway	   EURNOK=	11.0618	11.0  +0.01%		 +5.41%		+11.1216	+11.0599 
    										 610											 
     Dollar/Sweden	 SEK=	   10.5083	10.4  +0.13%		 +0.97%		+10.5345	+10.4310 
    										 300											 
     Euro/Sweden	   EURSEK=	11.1365	11.1  +0.13%		 -0.12%		+11.1641	+11.1257 
    										 224											 
    	<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
    World FX rates	https://tmsnrt.rs/2RBWI5E 
    

    Jobless claims https://tmsnrt.rs/3y5USkA US jobs US jobs https://tmsnrt.rs/3ERYkmt

    	^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>                        
 
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