Asian shares end the week with a whimper, yen back to intervention watch

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SYDNEY: Asian shares are ending the week with a whimper after a recent rally to 26-month highs drew profit-taking, while the relentless strength in the U.S.dollar pushed the Japanese yen towards the intervention zone.

In foreign exchange markets, the euro clawed back some lost ground and was last up 0.2% at losses at $1.0718, while sterling had less luck and was pinned at $1.2662, the lowest in five weeks.

Data showed earlier in the day that Japan's demand-led inflation slowed in May, complicating the outlook for interest rate hikes.

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Category: EconomyBusiness

Markets: MalaysiaAustraliaHong KongJapan

Topics: /Business/Business News Asian Interest rate Markets MSCI

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-21 @ 14:16:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 573 words

Reading Time: 4 minutes read

Sentences: 23 lines

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Copyright Owner: © The Star

News ID: 21326451

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