Currency moves were subdued in early Asia trade with parts of Australia out for a holiday and China away for its Golden Week, though analysts said a narrowly-averted U.S. government shutdown could bring some relief to markets. The yen slid to a roughly 11-month low of 149.74 per dollar, as the Japanese currency continued its slow-but-steady decline toward the 150 mark, a level which some see as a line in the sand that would spur Japanese authorities to intervene in the currency market as they did last year. 'Fear of intervention by the BOJ above the 146 level has come and gone and the currency is now above 148 to the dollar and the BOJ remains absent from currency markets,' said Olivier d'Assier, Axioma's head of applied research for APAC.
SINGAPORE - The dollar kicked off the last quarter of the year on the front foot on Monday as the prospect of higher-for-longer U.S. rates provided solid support, pushing the yen to an 11-month low.
"Fear of intervention by the BOJ above the 146 level has come and gone and the currency is now above 148 to the dollar and the BOJ remains absent from currency markets," said Olivier d'Assier, Axioma's head of applied research for APAC. In the broader currency market, the euro lost 0.07% to $1.0565, after ending the previous quarter with a 3% fall, its worst performance in a year.
"I'd rather be in dollars at the moment than euros or pounds or others," said Kiwibank's Kerr. "I think the dollar will find a bit more support."The U.S. Congress late on Saturday passed a stopgap funding bill with overwhelming Democratic support in a bid to avoid the federal government's fourth partial shutdown in a decade, a move which Pepperstone's head of research Chris Weston said "should be welcomed by risky assets".
Elsewhere, the Australian dollar fell 0.07% to $0.64305, while the kiwi edged 0.1% lower to $0.59925.Warren Buffett, one of the most successful investors in the world, has a reputation for his simple yet profound financial wisdom. I'm a Self-Made Millionaire: Here Are 3 Things I Never Waste Money...
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