Page 33 - Frx News Today

The South African rand advanced in early trade on Wednesday as gloomy jobs data put the dollar was on the defensive before a Federal Reserve interest rate announcement that will set the tone for markets globally.

The pound gained versus the dollar and held steady against the euro on Wednesday ahead of an expected U.S. Federal Reserve rate hike later in the day and Thursday's European Central Bank meeting.

The Chilean peso is set for a period of stability as economic and political worries continue to fade, validating the central bank's decision to unwind an intervention program implemented last year to calm market turmoil, a Reuters poll showed.

The South African rand gained on Wednesday ahead of a Federal Reserve interest rate announcement that will set the tone for markets globally.

Can inherently volatile cryptocurrencies become safe-havens? Apparently they can in some parts of the world, such as Argentina and Turkey, where soaring prices and tumbling local currencies have forced people to seek refuge in digital coins.

South Korea's factory activity shrank for a 10th consecutive month in April and for its longest streak in six years, a survey showed on Tuesday, underlining the weak global demand conditions that continue to undercut the domestic economic recovery.

The central banks of South Korea and Indonesia signed a memorandum of understanding on Tuesday to cooperate on promoting the use of their currencies for bilateral transactions, such as current account transactions and direct investment.

South Korea's finance minister said on Tuesday that the trilateral cooperation between South Korea, Japan and China has became more important as the global economy stands at an inflection point.

Asian finance leaders will on Tuesday look for ways to tighten safeguards to address emergency funding needs during pandemics and natural disasters, as global recession fears and volatile financial markets cloud the economic outlook.

Asian shares wobbled in cautious trade on Tuesday ahead of a series of data releases and central bank meetings, which began with a surprise rate hike in Australia that boosted the local dollar.