Verified report from bloomberg.com
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Copper headed for a weekly gain, as signs of a rebound in Chinese demand helped to offset hawkish messaging from the Federal Reserve about the likelihood of more interest rate rises.
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The yen dropped after the Bank of Japan’s decision to hike rates as a split vote sent bearish signals, strategists said. The Japanese currency fell as much as 0.8% and bond markets erased earlier gains after the central bank raised its benchmark interest rate by a quarter percentage point to 1.25%.
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Australian businesses are starting to “bubble up” a view that elevated inflation is not coming back down below 3%, Reserve Bank of Australia Governor Michele Bullock told a parliamentary panel on Friday.
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The yuan climbed to its strongest level in more than four years as China’s central bank continued to guide the currency higher ahead of a meeting between Chinese leader Xi Jinping and US President Donald Trump.
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Australia’s central bank needs to decide later this month whether its benchmark interest rate is at a level sufficient to restrain price pressures and return inflation to target, Governor Michele Bullock said.
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