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OTTAWA/TORONTO (Reuters) - The Bank of Canada's journey from dove to hawk and back again this year has sent the currency market on a wild ride and put pressure on the central bank to provide better direction, despite eschewing its forward guidance policy years ago. The Canadian dollar has swung from a 13-month low of C$1.3800 in May to a two-year high of C$1.2063 in September, before reversing course again this week, all in concert with shifts in tone from the bank and its uncertain monetary policy path. The bank reiterated Wednesday that the outlook for interest rates is data dependent. But greater clarity on the direction and speed at which it expects to move rates could help reduce volatility in the Canadian dollar and allow end users to better manage their exposure to the currency. "We try to hedge and we try to plan. And the volatility that (came from) the way they acted, it's impossible to plan," said Alain Côté, executive vice-president at Genetec Inc, an exporter of video surveillance systems with Canadian expenses and U.S. sales. After back-to-back rate hikes in July and September, Governor Stephen Poloz signaled this week a third rate hike is not imminent, reversing recent Canadian dollar strength and once again rewriting analyst expectations for future moves.[L2N1M81BT] That sliced 1 percent from the Canadian dollar, the largest one-day drop by the currency since January, when Poloz said a rate cut was still on the table. "Part of these (market moves) are knee-jerk reactions; they say one thing with one tone on one day and then they say another thing with another tone on another day," said Rahim Madhavji, president of Knightsbridge Foreign Exchange. "There definitely could be better communication." The current signal to focus on data means rate decisions may be made at the last minute, based on the most recent economic data. By contrast, the Federal Reserve said the path of U.S. interest rates would be higher and gradual, allowing the market to price in a restrained pace of Fed rate hikes and balance-sheet reduction. "The market has accepted that the Fed is hiking rates ... We haven't seen the knee-jerk reaction we've seen in Canada this year," said Jimmy Jean, senior economist at Desjardins Capital Markets. "The problem we are dealing with here is Poloz's views on the matter of providing guidance. We know he is not too fond of that," Jean added. Poloz abandoned forward guidance in 2014 in a bid to create less volatility, saying the policy of an explicit tightening or easing bias should be reserved for extraordinary times. But by removing the proactive option, the bank has shifted to a reactive stance, with both Poloz and Deputy Governor Tim Lane coming out to talk down the Canadian dollar in recent weeks after the currency's strength put growth at risk. For exporter Cote, who said he lost millions of dollars "in 10 minutes" after September's surprise hike, a smoother ride is the goal. "If there is a way to avoid that kind of whipsaw, that kind of gyration in the future, that would be certainly appreciated by me and the likes of me." Source: investing.com (28/09/2017)

TOKYO (Reuters) - Japan's core inflation accelerated in August, industrial output rose more than expected and demand for labor remained at its strongest in over 40 years in a further sign of solid momentum in the world's third-largest economy. The flurry of data should bolster optimism about the outlook for growth, though Prime Minister Shinzo Abe's decision to call a snap election has raised some uncertainty over economic policy. There was also some uneasiness about monetary policy after a summary of the Bank of Japan's most recent meeting showed one board member wanted an expansion of stimulus as consumer prices remain distant from the central bank's 2 percent inflation target. Nationwide core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, rose 0.7 percent, matching a median market forecast. It was the eighth straight month of gains in the index, and followed a 0.5 percent rise in July. "Prices are rising gradually. Exports are supporting output and domestic demand doesn't look too bad," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "As long as Abe remains in power, we will see a continuation of his policies, but it all depends on the election." Indeed, demand for labor remains at the strongest level since 1974 with data showing the jobs-applicants ratio held steady at 1.52 in August. Industrial output also rose a larger-than-expected 2.1 percent in August from the previous month as manufacturers of construction equipment, autos, and electronic parts produced more goods. Manufacturers surveyed by the government expect output to fall 1.9 percent in September and then expand by 3.5 percent in October. Politics, however, added a layer of uncertainty over the outlook for growth, with inflation still well behind the BOJ's target. Abe on Thursday dissolved the lower house and called a snap election for Oct. 22. Initially, his ruling coalition looked certain to retain its majority. However, the outcome has been thrown into doubt because the largest opposition party has abandoned the election and will allow its members to run for a newly formed party that may be more popular with voters. The summary of the BOJ's rate review this month did not identify who spoke or what specific measures were proposed. However, the central bank's announcement after its Sept. 20-21 meeting showed board newcomer Goushi Kataoka, a vocal advocate of aggressive easing, dissented to the BOJ's decision to leave policy unchanged, saying it is insufficient to meet the 2 percent inflation target. Japan's economy expanded at an annualized 2.5 percent in the second quarter as consumer and company spending picked up. But price and wage growth remain weak with firms still wary of passing more of their profits to employees, forcing the BOJ to push back the timing for reaching its price target six times since deploying a massive stimulus program in 2013. The BOJ now expects inflation to hit 2 percent in the fiscal year ending in March 2020, arguing that a tightening job market and solid economic growth will gradually push up prices. Friday's data also showed core consumer prices in Tokyo, available a month before the nationwide data, were up 0.5 percent in September from a year earlier, matching a median market forecast. Household spending rose 0.6 percent in August from a year earlier in price-adjusted real terms, but this was below the median estimate of a 1.0 percent increase and suggests that consumer spending is slowing slightly after a strong performance in April-June quarter. "I'm not pessimistic on consumption," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley (NYSE:MS) Securities. "The labor market is tight and disposable income is rising. Consumer spending can remain on firm footing." Source: investing.com (28/09/2017)

NEW YORK (Reuters) - U.S. fund investors gorged on gold and traded stocks for cash during the latest week, showing caution even as markets trend higher, Lipper data showed on Thursday. More than $16 billion took shelter in low-risk, U.S.-based money-market funds during the seven days through Sept. 27, the research service's data showed. Precious metals commodities funds, which invest in gold and similar assets, took in $977 million, the most since July 2016. Stock mutual funds and exchange-traded funds, by contrast, posted $9.7 billion of withdrawals, Lipper said. That counts as the largest outflows for that group of funds since June. "People were taking risk off from the high-flying stocks," said Tom Roseen, head of research services for Thomson Reuters' Lipper unit. The U.S. Federal Reserve last week signaled it still expects one more rate hike by the end of the year despite a bout of low inflation that Fed Chair Janet Yellen called "a mystery." Aggressive rate rises could dent stock valuations. Roseen said investors shifted into less-loved areas of the market, including banks that can benefit from higher interest levels by lending at higher rates. "This can actually be seen as a healthy move," said Roseen. Financial and bank sector stock funds attracted $599 million during the week, the most since July, according to Lipper. President Donald Trump on Wednesday put forward a U.S. tax reform plan investors have been anticipating since his 2016 presidential victory, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit. Source: investing.com (28/09/2017)

NEW YORK (Reuters) - U.S. fund investors gorged on gold and traded stocks for cash during the latest week, showing caution even as markets trend higher, Lipper data showed on Thursday. More than $16 billion took shelter in low-risk, U.S.-based money-market funds during the seven days through Sept. 27, the research service's data showed. Precious metals commodities funds, which invest in gold and similar assets, took in $977 million, the most since July 2016. Stock mutual funds and exchange-traded funds, by contrast, posted $9.7 billion of withdrawals, Lipper said. That counts as the largest outflows for that group of funds since June. "People were taking risk off from the high-flying stocks," said Tom Roseen, head of research services for Thomson Reuters' Lipper unit. The U.S. Federal Reserve last week signaled it still expects one more rate hike by the end of the year despite a bout of low inflation that Fed Chair Janet Yellen called "a mystery." Aggressive rate rises could dent stock valuations. Roseen said investors shifted into less-loved areas of the market, including banks that can benefit from higher interest levels by lending at higher rates. "This can actually be seen as a healthy move," said Roseen. Financial and bank sector stock funds attracted $599 million during the week, the most since July, according to Lipper. President Donald Trump on Wednesday put forward a U.S. tax reform plan investors have been anticipating since his 2016 presidential victory, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit.

NEW YORK, Sept 28 (Reuters) - The dollar edged lower against a basket of currencies on Thursday, on pace to snap a three-day winning streak, as investors looked to take profits on the greenback's rally this week ahead of the end of the quarter. The dollar index , which tracks the greenback against six major currencies, was down 0.18 percent at 93.196. The index was coming off its strongest three-day performance in nine months. "We had a big move yesterday. For us to take some of that back makes sense," said Brad Bechtel, managing director FX at Jefferies in New York. On Wednesday, the dollar rose against other major currencies after President Donald Trump proposed the biggest shake-up of the U.S. tax system in three decades. Bechtel warned against reading too much into Thursday's decline in the dollar, saying some of the move may be due to investors making quarter-end adjustments to positioning. "From a sentiment perspective, the market is really getting behind the idea that they are going to be able to get something done (in terms of tax reform), something meaningful," Bechtel said. "And you also have the Fed stuff percolating behind the scene." Federal Reserve Chair Janet Yellen said on Tuesday that the U.S. central bank needs to continue gradual rate hikes despite broad uncertainty about the path of inflation. "You are getting a little bit of the one-two punch that we had back in January," said Bechtel. The dollar index surged to a 14-year high in January, spurred by expectations that the new U.S. administration would focus on pro-growth fiscal stimulus, tax cuts and regulatory reform that would likely lift inflation and prompt the Fed to raise interest rates more quickly this year. But Trump's inability to deliver on some of his promises spooked investors and the index slumped to its lowest since early 2015 earlier in September. On Thursday, the dollar failed to react much to data that showed the U.S. economy grew a bit faster than previously estimated in the second quarter. Meanwhile, Britain's pound climbed to the day's highs against the weakening dollar after the European Union's chief negotiator Michel Barnier said "considerable progress" had been made on Brexit talks. Sterling was up 0.43 percent to $1.3441. Source: kitco news (28/09/2017)

TOKYO (Reuters) - A Bank of Japan policymaker called for expanding monetary stimulus at a rate review in September, a summary of opinions of the bank's board members at the meeting showed on Friday, an indication divisions may be growing over the direction of policy. Most others in the nine-member board said it was appropriate to maintain the current stimulus programme given it would take time to achieve the BOJ's 2 percent inflation target, the summary showed. The summary of opinions does not identify which board member made the comments, and had no information on when and what measures the board member wants the BOJ to take. However, the central bank's announcement released after its meeting showed board newcomer Goushi Kataoka, a vocal advocate of aggressive easing, dissented to the BOJ's decision to maintain monetary policy on the view the current policy was insufficient to boost inflation to the BOJ's 2 percent target. The summary highlights a fresh rift that Kataoka could bring to the BOJ, with many others in the nine-member board hesitant about ramping up an already massive stimulus programme including Governor Haruhiko Kuroda. "It's necessary to stimulate demand further with additional monetary easing to achieve and stabilize inflation at the BOJ's target, given a scheduled sales tax hike in October 2019," the board member was quoted as saying. At the September meeting, the BOJ kept monetary policy steady by maintaining its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent. While Kataoka did not make a specific proposal on expanding stimulus in September, the summary of opinions raises the prospect that he could present such a proposal at the next rate review on Oct. 30-31. Several other board members said achieving the BOJ's price target would take time, with one saying the best way to achieve the target would be to patiently maintain the current policy. The summary also showed some members voicing concern over escalating tensions in North Korea and their impact on Japan's economy. "If geopolitical risks heighten further, the BOJ must be ready to consider taking necessary policy adjustments to prevent deflationary mindset from re-emerging," one member was quoted as saying. Source: investing.com (28/09/2017)

ERBIL, Iraq/ANKARA (Reuters) - Turkey threatened potentially crippling restrictions on oil trading with Iraqi Kurds on Thursday after they backed independence from Baghdad in a referendum that has alarmed Ankara as it faces a separatist insurgency from its own Kurdish minority. Iraq's Kurds endorsed secession by nine to one in a vote on Monday that has angered Turkey, the central government in Baghdad, and other regional and world powers, who fear the referendum could lead to renewed conflict in the region. Iraqi Prime Minister Haider al-Abadi's office said he had been told by Turkish Prime Minister Binali Yildirim in a call that Turkey would break with past practice and deal only with the Baghdad government over oil exports from Iraq. Most oil that flows through a pipeline from Iraq to Turkey comes from Kurdish sources and a cut-off would severely damage the Kurdish Regional Government (KRG), which relies on sales of crude for almost all its hard currency revenues. So far the pipeline is operating normally despite Turkish threats to impose economic sanctions on the Kurdish autonomous region in Iraq. Turkish officials, however, ramped up pressure on the Kurds on Thursday. Turkish President Tayyip Erdogan said after talks with Russian President Vladimir Putin the Kurdish government "made a big mistake by holding the referendum" and must be prevented from "bigger mistakes." He said Turkey and Russia agreed the territorial integrity of Iraq and Syria must be preserved. Yildirim said separately that Turkey would respond harshly to any security threat on its border after the referendum, although that was not its first choice. Yildirim also said he agreed with Abadi to coordinate economic and trade relations with the central government in Baghdad. He said Turkey, Iran and Iraq may meet to discuss the referendum. Turkish government spokesman Bekir Bozdag said Turkish armed forces would stop training Iraqi Kurdish peshmerga forces, which protected oil fields from capture by the Islamic State. With the region's largest Kurdish population, Turkey has been battling a three-decade insurgency in its largely Kurdish southeast and fears the referendum will inflame separatist tensions at home. The United Nations offered on Thursday to help solve the problem between the KRG and Baghdad, the Iraqi foreign ministry said following a meeting between Foreign Minister Ibrahim al-Jafari and Jan Kubis, the top U.N. envoy in Iraq. The United States was willing, if asked, to help facilitate talks to try to ease tensions between the two sides, U.S. State Department spokeswoman Heather Nauert said. ECONOMIC BLOCKADE Kurdish officials say they can withstand an economic blockade because they are self-sufficient in terms of power generation and fuel supply and have fertile agricultural land. They also say that three quarters of the trucks that cross the Turkish border are heading to territory controlled by Baghdad rather than to the Kurdish region, so the Turkish and Iraqi economies would suffer from any blockade. But travel to the Kurdish region will become harder if airports in Erbil and Sulaimaniya are closed to international flights. Their autonomous region in Iraq is the closest the Kurds have come in modern times to a state. It has flourished amid Iraq's civil war but may struggle to maintain investment if it is blockaded economically. Kurdish officials say that Abadi's tough response to the referendum vindicates Iraqi Kurdish leader Masoud Barzani's decision to hold the referendum because they believe Baghdad will not cooperate under any circumstances. The officials feel that if Baghdad, Turkey, Iran, the United States and the world line up against them, and the Kurds cannot see an end to their hardship, Barzani could come under pressure at home to declare independence. A diplomatic drive to forestall Monday's referendum failed to persuade Kurdish leaders, some of the United States' closest Middle Eastern allies, former U.S. officials and experts said. There were expectations that the United States, which said it would not recognize the vote, could use its ties to the Iraqi Kurds to persuade Barzani to cancel the referendum in exchange for a guarantee of talks with Baghdad. The U.S. bid to stop the referendum failed, experts said, in part because the aging Barzani sees fulfilling aspirations for an independent Kurdish state as his legacy. The United States, major European countries and nearby Turkey and Iran all opposed the referendum as destabilizing at a time when all sides are still fighting Islamic State. A spokesman for the U.S.-led coalition said there had been a loss of focus in the fight against Islamic State since the referendum. Baghdad has heaped pressure on the Kurds, demanding they cancel their referendum, while parliament urged the Iraqi government to send troops to take control of oilfields held by Kurdish forces. Baghdad also demanded that foreign governments close their diplomatic missions in the Kurdish capital Erbil. Foreign airlines have begun cancelling flights to Kurdish airports after Iraq said international flights to Erbil and Sulaimaniya would be suspended from Friday. Turkey told its citizens to leave northern Iraq before the ban came into force. Kurdish authorities have rejected Baghdad's demands that they should annul the referendum and hand over control of their international airports, instead offering to hold talks with Baghdad in an attempt to defuse the airports crisis. CONCERN OVER BORDERS Erdogan and Putin met in Ankara on Thursday. Russia's interest in the region is growing. Oil major Rosneft (MM:ROSN) is increasing investment in Kurdistan and the Kurds have been developing strong ties with Moscow. "Russia is one of the biggest investors in the economy of Iraqi Kurdistan at this moment," said Kirill Vertyayev, a senior research fellow at the Institute of Oriental Studies in Moscow. "There is a certain conflict of interest because neither Baghdad nor Ankara are happy about Russia's economic expansion in Iraqi Kurdistan ... that's why Russia is acting carefully," he said. The Kurds consider Monday's referendum to be an historic step in a generations-old quest for a state of their own, while Iraq considers the vote unconstitutional. Barzani, who is KRG president, has said the vote is not binding, but meant to provide a mandate for negotiations with Baghdad and neighboring countries over the peaceful secession of the region from Iraq. Baghdad has rejected talks. The Kurds were left without a state of their own when the Ottoman Empire collapsed a century ago. Around 30 million live in Iraq, Turkey, Syria and Iran. The Kurds say the referendum acknowledges their contribution in confronting Islamic State after it overwhelmed the Iraqi army. Source: investig.com (28/09/2017)

Investing.com – Gold prices were roughly unchanged on Thursday, as dollar weakness capped downside momentum but the precious metal remained under pressure amid investor expectations of a year-end interest rate hike. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose by $2.61, or 0.20%, to $1,290.40 a troy ounce. Gold futures attempted to halt the recent slump, which has seen the precious metal dip below $1,300, supported by a dip in the dollar which followed a pair of mixed economic reports. Gross domestic product increased at a 3.1% annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday, beating a previous estimate of 3%. Fresh on the heels of the upbeat economic growth data, a labor market report showed the number of Americans filing for unemployment benefits rose more than expected last week. The U.S. Department of Labor reported Thursday that initial jobless claims increased 12,000 to a seasonally adjusted 272,000 for the week ended Sept. 23, missing forecasts of a 10,000 increase. A jump in investor expectations for a December rate, however, is expected to weigh on upside momentum in gold prices. “We suspect that gold will likely remain on the defensive for a little while longer, as the market currently is in the throes of a higher dollar/higher rates backdrop,” said Edward Meir, independent commodity consultant at INTL FCStone. Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion. In other precious metal trade, silver futures rose 0.23% to $16.87 a troy ounce while platinum futures lost 0.14% to $924.20. Copper traded at $2.98, up 1.62% while natural gas fell by 1.57% to $3.01. Source: investing.com (28/09/2017)

Investing.com – The dollar fell against a basket of major currencies as weakness in the labor market offset data showing the U.S. economy grew faster-than-expected in the second quarter. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.29% to 93.00. Gross domestic product increased at a 3.1% annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday, beating a previous estimate of 3%. Fresh on the heels of the upbeat economic growth data, a labor market report showed the number of Americans filing for unemployment benefits rose more than expected last week. The U.S. Department of Labor reported Thursday that initial jobless claims increased 12,000 to a seasonally adjusted 272,000 for the week ended Sept. 23, missing forecasts of a 10,000 increase. The slump in the dollar comes after it hit one-month highs on renewed hopes for tax reform in the wake of the President Donald Trump’s speech on Wednesday in which the president hailed a tax reform plan released by his administration as a "once-in-a-generation opportunity". The duo of reports came just hours ahead of speeches by Fed officials Stanley Fischer and Esther George as the latter said continued interest rate increases are the best way to ensure the current economic recovery remains on track. “Further gradual adjustment in short-term interest rates based on an economy growing above trend ... will be important if we want to continue this long expansion,” George said. Sterling and the euro were the main beneficiaries of a dip in the greenback, as the latter rose for the first time in three days, paring recent losses. EUR/USD rose to 0.32% to $1.1785 while GBP/USD rose 0.43% to $1.3441. USD/JPY fell 0.35% to Y112.46 while USD/CAD fell 0.30% to C$1.2439. Source: investing.com (28/09/2017)

Investing.com - The yen weakened further in Asia on Friday as household spending and retail sales were mixed even as CPI figures came in as expected. USD/JPY changed hands at 112.58, up 0.25%, while AUD/USD fell 0.10% to 0.7848. EUR/USD dipped 0.03% to 1.1784. In Japan, CPI for August rose 0.7% as expected on year for national CPI and for national core CPI. As well, Japan reports household spending rose 0.2%, beating the fall of 0.2% on month in August seen and up 0.6% on year, below the expected 0.6% gain. Unemployment came in steady at 2.8% and retail sales rose 1.7%, below the 2.6% increase seen on year. Later, Australia reports private sector credit, expected up 0.5% on month in August. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.09% to 93.03. Overnight, the dollar fell against a basket of major currencies as weakness in the labor market offset data showing the U.S. economy grew faster-than-expected in the second quarter. Gross domestic product increased at a 3.1% annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday, beating a previous estimate of 3%. Fresh on the heels of the upbeat economic growth data, a labor market report showed the number of Americans filing for unemployment benefits rose more than expected last week. The U.S. Department of Labor reported Thursday that initial jobless claims increased 12,000 to a seasonally adjusted 272,000 for the week ended Sept. 23, missing forecasts of a 10,000 increase. The slump in the dollar comes after it hit one-month highs on renewed hopes for tax reform in the wake of the President Donald Trump’s speech on Wednesday in which the president hailed a tax reform plan released by his administration as a "once-in-a-generation opportunity". The duo of reports came just hours ahead of speeches by Fed officials Stanley Fischer and Esther George as the latter said continued interest rate increases are the best way to ensure the current economic recovery remains on track. “Further gradual adjustment in short-term interest rates based on an economy growing above trend ... will be important if we want to continue this long expansion,” George said. Sterling and the euro were the main beneficiaries of a dip in the greenback, as the latter rose for the first time in three days, paring recent losses. Source: investing.com(28/09/2017)

Investing.com - The yen weakened further in Asia on Friday as household spending and retail sales were mixed even as CPI figures came in as expected. USD/JPY changed hands at 112.58, up 0.25%, while AUD/USD fell 0.10% to 0.7848. EUR/USD dipped 0.03% to 1.1784. In Japan, CPI for August rose 0.7% as expected on year for national CPI and for national core CPI. As well, Japan reports household spending rose 0.2%, beating the fall of 0.2% on month in August seen and up 0.6% on year, below the expected 0.6% gain. Unemployment came in steady at 2.8% and retail sales rose 1.7%, below the 2.6% increase seen on year. Later, Australia reports private sector credit, expected up 0.5% on month in August. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.09% to 93.03. Overnight, the dollar fell against a basket of major currencies as weakness in the labor market offset data showing the U.S. economy grew faster-than-expected in the second quarter. Gross domestic product increased at a 3.1% annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday, beating a previous estimate of 3%. Fresh on the heels of the upbeat economic growth data, a labor market report showed the number of Americans filing for unemployment benefits rose more than expected last week. The U.S. Department of Labor reported Thursday that initial jobless claims increased 12,000 to a seasonally adjusted 272,000 for the week ended Sept. 23, missing forecasts of a 10,000 increase. The slump in the dollar comes after it hit one-month highs on renewed hopes for tax reform in the wake of the President Donald Trump’s speech on Wednesday in which the president hailed a tax reform plan released by his administration as a "once-in-a-generation opportunity". The duo of reports came just hours ahead of speeches by Fed officials Stanley Fischer and Esther George as the latter said continued interest rate increases are the best way to ensure the current economic recovery remains on track. “Further gradual adjustment in short-term interest rates based on an economy growing above trend ... will be important if we want to continue this long expansion,” George said. Sterling and the euro were the main beneficiaries of a dip in the greenback, as the latter rose for the first time in three days, paring recent losses.

Investing.com - The People's Bank of China set the yuan mid-point at 6.6369 against the dollar on Friday, compared to the previous close of 6.6570, the weakest since Aug. 25. The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate. Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near term. Source: investing.com (28/09/2017)