Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
NEW YORK, Oct 25 - The U.S. dollar rose to a near 1-week high against a basket of currencies on Wednesday, as investors' appetite for riskier currencies faded following lacklustre corporate results that raised worries over the economic outlook, and as Treasury yields rose.
"I think it is mainly a risk backdrop story," said Shaun Osborne, chief foreign exchange strategist at Scotiabank in Toronto."Weak risk appetite seems to be driving broad USD gains. Data on Wednesday showed sales of new U.S. single-family homes surged to a 19-month high in September as the annual median house price dropped by the most since 2009 amid discounts offered by builders to woo buyers, but mortgage rates flirting with 8% could curb demand.
The Canadian dollar weakened against its U.S. counterpart after the Bank of Canada held its key overnight rate at 5.0%, as expected, and forecast weak growth while leaving the door open to more rate hikes to tame inflation that could stay above target for another two years.The dollar also kept the yen pinned near the closely watched 150 threshold, with the Japanese currency last at 149.99 per dollar, with traders alert for any signs of intervention by Japanese authorities.
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