EUR/USD remains under bearish pressure, trading below 1.0550 amid mixed US economic data, while GBP/USD stabilizes near 1.2650 despite ongoing geopolitical tensions. Norinchukin Bank in Japan anticipates significant losses due to rising global interest rates, prompting asset disposals to mitigate risks. The dollar index holds steady, with gold prices rising significantly.
Norinchukin Bank is facing a significant financial setback, projecting an annual loss exceeding ¥1.5 trillion ($9.7 billion) as it intensifies the sale of unprofitable foreign bonds. The Japanese agricultural lender plans to offload over ¥10 trillion in US and European sovereign bonds this fiscal year, having already disposed of ¥7.5 trillion in the first half to mitigate losses from unfavorable interest rate bets.