Euro weak as Italian budget raises EU political risks, yen weakens

The euro hovered near a one-week low against the dollar on Friday as the European Commission’s criticism of Italy’s populist budget sparked fresh concerns about political tensions in the common currency zone. That rise was driven by a steep fall in the euro on Thursday, which constitutes around 57 percent of the index. This has sparked investor concerns about more political tensions in the EU between Brussels and member states, which has hurt the euro. The British pound hit a fresh 11-day low on


The euro hovered near a one-week low against the dollar on Friday as the European Commission’s criticism of Italy’s populist budget sparked fresh concerns about political tensions in the common currency zone. That rise was driven by a steep fall in the euro on Thursday, which constitutes around 57 percent of the index. This has sparked investor concerns about more political tensions in the EU between Brussels and member states, which has hurt the euro. The British pound hit a fresh 11-day low on
Euro weak as Italian budget raises EU political risks, yen weakens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19
Keywords: news, cnbc, companies, risks, trade, weak, italian, level, budget, weakens, dollar, tensions, euro, european, political, yen, currency, eu, versus, raises


Euro weak as Italian budget raises EU political risks, yen weakens

The euro hovered near a one-week low against the dollar on Friday as the European Commission’s criticism of Italy’s populist budget sparked fresh concerns about political tensions in the common currency zone.

The dollar index, a gauge of its value against major peers, was 0.05 percent higher at 95.96 on Friday, having closed on Thursday at its highest level since Aug. 21. That rise was driven by a steep fall in the euro on Thursday, which constitutes around 57 percent of the index.

The euro was relatively flat at $1.1454 on Friday, steadying slightly after losing 0.4 percent overnight. The single currency hit its lowest intra-day level of 1.1447 since Oct. 9 on Thursday after the European Commission said Italy’s 2019 budget draft is in serious breach of European Union budget rules.

The Commission said in a letter to Italian Economy Minister Giovanni Tria, that planned government spending was too high, the structural deficit – excluding one-offs and business cycle effects – would rise instead, not fall, and that Italian public debt would not come down in line with EU rules.

This has sparked investor concerns about more political tensions in the EU between Brussels and member states, which has hurt the euro.

The gap between Italian and German 10-year bond yield spreads hit its widest level in 5-1/2 years after news of the Commission letter broke.

Italy’s prime minister defended the nation’s free spending budget, though markets were not impressed.

“The euro decline reflects the build up of political tension in the eurozone,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“The next support for the euro is at 1.1430, a break of which can take us down to 1.13.”

The British pound hit a fresh 11-day low on Friday, but rebounded slightly to quote at $1.3020 versus the dollar.

Traders placed bearish bets on the sterling as a EU-UK summit failed to yield a decision on Britain’s exit from the euro zone.

British Prime Minister Theresa May, on Thursday said that the European Union’s proposal on the Irish border was unacceptable.

“Unless we get positive noises from Brussels, the impasse on Brexit and softer economic data suggests that the pound could underperform,” said Boris Schlossberg, managing director of currency strategy in a note.

The Japanese yen weakened 0.17 percent versus the dollar on Friday, to trade at 112.31.

The greenback lost 0.4 percent of its value to the yen on Thursday, reflecting the global risk-off mood due to rising geopolitical tensions between the U.S. and Saudi Arabia, Italy’s budget woes and U.S-Sino trade war tensions.

Wall street benchmark equity indices also tumbled more than 1.2 percent each, with technology stocks leading the pack.

China’s economic growth in the third quarter slowed to 6.5 percent, its weakest pace since 2009 and below expectations, as a campaign to tackle debt risks and the trade war with the United States weighed on the economy.

The yuan changed hands at 6.9339 on Friday, trading flat versus the dollar, after recovering from its intra-day low of 6.9416.

“Expectations have increased for the Chinese yuan to depreciate towards its psychological 7 level against the USD,” said Eugene Leow, rates strategist at DBS in a note.

Gold edged higher by 0.25 percent on Friday to trade at $1,227 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-19
Keywords: news, cnbc, companies, risks, trade, weak, italian, level, budget, weakens, dollar, tensions, euro, european, political, yen, currency, eu, versus, raises


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Dollar weakens, yen at October highs after US stocks slide


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Dollar weakens after data shows US wage gains were modest


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Euro weakens to 6-week low; Italian concerns weigh

Italy’s coalition proposed a budget with a higher-than-expected deficit target, exacerbating tensions with other euro zone leaders and worrying investors who want Rome to bring its debt under control. The lawmaker, Claudio Borghi, later rowed back on the comments, while Prime Minister Giuseppe Conte said the euro was “unrenounceable”. “We are dealing with a war of words, with the euro on one side and Italy on the other … Most of the common currency’s losses came after Borghi, the economic head


Italy’s coalition proposed a budget with a higher-than-expected deficit target, exacerbating tensions with other euro zone leaders and worrying investors who want Rome to bring its debt under control. The lawmaker, Claudio Borghi, later rowed back on the comments, while Prime Minister Giuseppe Conte said the euro was “unrenounceable”. “We are dealing with a war of words, with the euro on one side and Italy on the other … Most of the common currency’s losses came after Borghi, the economic head
Euro weakens to 6-week low; Italian concerns weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-02
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Euro weakens to 6-week low; Italian concerns weigh

The euro fell to a six-week low on Tuesday after a senior lawmaker in one of Italy’s ruling parties said most of the country’s problems would be resolved if it readopted a national currency.

Italy’s coalition proposed a budget with a higher-than-expected deficit target, exacerbating tensions with other euro zone leaders and worrying investors who want Rome to bring its debt under control.

The lawmaker, Claudio Borghi, later rowed back on the comments, while Prime Minister Giuseppe Conte said the euro was “unrenounceable”.

The single currency dropped as low as $1.1505, its weakest since Aug. 21, before retracing to $1.1547, down 0.3 percent on the day.

“We are dealing with a war of words, with the euro on one side and Italy on the other … There’s a lot of headline risk about,” Credit Agricole head of G10 FX Strategy Valentin Marinov said.

Most of the common currency’s losses came after Borghi, the economic head of the right-wing League party, said Italy would enjoy more favorable economic conditions outside the euro zone.

The euro has strong technical support at the $1.15 area, which is the 50 percent retracement level of its rally from August to September, said Win Thin, global head of currency strategy at Brown Brothers Harriman in New York. A break below this level could mean further euro weakness to the $1.13 area, Thin said.

The Australian dollar, often viewed as a barometer of risk appetite, fell 0.5 percent to $0.7188 as markets worldwide were spooked by the euro zone concerns. The Reserve Bank of Australia earlier held interest rates at 1.5 percent, a widely expected decision.

As the euro’s weakened, the U.S. dollar kept pushing higher even though investor positioning in the greenback looks stretched. The main driver is the U.S. Fed, they signaled they are comfortable with the U.S. economy to continue hiking rates, said Thin.

The U.S. dollar has strengthened against the euro since Wednesday, when the Federal Reserve raised interest rates as expected and said it foresees another rate hike in December, three more next year and one in 2020.

The dollar index rose 0.2 percent to 95.48, after getting as high as 95.744, the highest since August 21.


Company: cnbc, Activity: cnbc, Date: 2018-10-02
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Storm Florence weakens but epic rains still expected on US East Coast

North Carolina officials have reported at least 14 storm-related fatalities, with unconfirmed reports of a further deaths. “This is still a catastrophic, life threatening storm,” said Zack Taylor, a meteorologist with the National Weather Center’s Weather Prediction Center in College Park, Maryland. Taylor said the storm already dumped 30 inches of rain on some parts of the N.C.”This storm is still deadly and dangerous and it’s expected to turn northward later today into Virginia and the mid-Atl


North Carolina officials have reported at least 14 storm-related fatalities, with unconfirmed reports of a further deaths. “This is still a catastrophic, life threatening storm,” said Zack Taylor, a meteorologist with the National Weather Center’s Weather Prediction Center in College Park, Maryland. Taylor said the storm already dumped 30 inches of rain on some parts of the N.C.”This storm is still deadly and dangerous and it’s expected to turn northward later today into Virginia and the mid-Atl
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Company: cnbc, Activity: cnbc, Date: 2018-09-16  Authors: ricky carioti, the washington post, getty images, joe raedle
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Storm Florence weakens but epic rains still expected on US East Coast

North Carolina officials have reported at least 14 storm-related fatalities, with unconfirmed reports of a further deaths. South Carolina authorities reported one death.

“This is still a catastrophic, life threatening storm,” said Zack Taylor, a meteorologist with the National Weather Center’s Weather Prediction Center in College Park, Maryland.

Winds have dropped to about 40 miles per hour (65 kph) since it roared ashore along the U.S. mid-Atlantic coast on Friday as a hurricane and it is crawling west over two states at 6 mph (9 kph), the National Hurricane Center in Miami said early Sunday.

Taylor said the storm already dumped 30 inches of rain on some parts of the N.C.

“This storm is still deadly and dangerous and it’s expected to turn northward later today into Virginia and the mid-Atlantic,” he said.

North Carolina Governor Roy Cooper said: “This system is unloading epic amounts of rainfall, in some places measured in feet and not inches.” Rivers will continue to rise days after the rain has stopped, he said.

Around 50 stranded people were airlifted by helicopter in North Carolina, said Petty Officer Michael Himes of the U.S. Coast Guard. More than 26,000 hunkered down in shelters.


Company: cnbc, Activity: cnbc, Date: 2018-09-16  Authors: ricky carioti, the washington post, getty images, joe raedle
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Hurricane Florence ‘weakens a little more,’ downgraded to category 2 storm

A new public advisory from the National Hurricane Center said that Florence has weakened “a little more” but cautioned that “life-threatening storm surge and rainfall (are) still expected.” As of 5 p.m., the storm was centered 385 miles (615 kilometers) southeast of Wilmington, North Carolina, moving northwest at 16 mph (26 kph). The hurricane center said Florence will approach the coast Friday and linger for a while before rolling ashore. Boarding up his home in Myrtle Beach, South Carolina, Ch


A new public advisory from the National Hurricane Center said that Florence has weakened “a little more” but cautioned that “life-threatening storm surge and rainfall (are) still expected.” As of 5 p.m., the storm was centered 385 miles (615 kilometers) southeast of Wilmington, North Carolina, moving northwest at 16 mph (26 kph). The hurricane center said Florence will approach the coast Friday and linger for a while before rolling ashore. Boarding up his home in Myrtle Beach, South Carolina, Ch
Hurricane Florence ‘weakens a little more,’ downgraded to category 2 storm Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-13
Keywords: news, cnbc, companies, south, florence, hurricane, north, storm, emergency, category, downgraded, center, weakens, million, coast, carolina, little


Hurricane Florence 'weakens a little more,' downgraded to category 2 storm

Hurricane Florence put a corridor of more than 10 million people in the crosshairs Wednesday as the monster storm closed in on the Carolinas, uncertainty over its projected path spreading worry across a widening swath of the Southeast.

Faced with new forecasts that showed a more southerly threat, Georgia’s governor joined his counterparts in Virginia and North and South Carolina in declaring a state of emergency, and some residents who had thought they were safely out of range boarded up their homes.

A new public advisory from the National Hurricane Center said that Florence has weakened “a little more” but cautioned that “life-threatening storm surge and rainfall (are) still expected.”

The hurricane was downgraded to a category 2 by the NHC. Earlier this week, the NHC warned it could be a category 4 storm.

The center of Florence, is expected to draw close to the North Carolina coast on Friday afternoon — perhaps lingering just offshore — then drift southwest along the shoreline before turning inland on Saturday, according to the National Hurricane Center in Miami.

The storm’s maximum sustained winds were clocked on Wednesday at 115 miles per hour (185 km per hour), down from a peak of 140 mph a day earlier before Florence was downgraded from a Category 4 on the five-step Saffir-Simpson scale of wind strength. While the storm is weakening, authorities have warned it will still be an extremely dangerous hurricane.

“Do you want to get hit with a train or do you want to get hit with a cement truck?” said Jeff Byard, an administrator with the Federal Emergency Management Agency.

The National Weather Service said 5.25 million people live in areas under hurricane warnings or watches, and 4.9 million live in places covered by tropical storm warnings or watches.

At the White House, President Donald Trump both touted the government’s readiness and urged people to get out of the way of Florence.

“Don’t play games with it. It’s a big one,” he said.

As of 5 p.m., the storm was centered 385 miles (615 kilometers) southeast of Wilmington, North Carolina, moving northwest at 16 mph (26 kph). The hurricane center said Florence will approach the coast Friday and linger for a while before rolling ashore.

As of Tuesday, more than 1.7 million people in the Carolinas and Virginia were warned to clear out. Airlines had canceled nearly 1,000 flights and counting. Home Depot and Lowe’s activated emergency response centers to get generators, trash bags and bottled water to stores before and after the storm. The two hardware chains said they sent in a total of around 1,100 trucks.

Duke Energy, the nation’s No. 2 power company, said Florence could knock out electricity to three-quarters of its 4 million customers in the Carolinas, and outages could last for weeks. Workers are being brought in from the Midwest and Florida to help in the storm’s aftermath, it said.

Boarding up his home in Myrtle Beach, South Carolina, Chris Pennington watched the forecasts and tried to decide when to leave.

“In 12 or 18 hours, they may be saying different things all over again,” he said.

Computer models of exactly what the storm might do varied, adding to the uncertainty. In contrast to the hurricane center’s official projection, a highly regarded European model had the storm turning southward off the North Carolina coast and coming ashore near the Georgia-South Carolina line.

Reacting to the possibility of a more southerly track, Georgia Gov. Nathan Deal declared an emergency but did not immediately order any evacuations.

“I ask all Georgians to join me in praying for the safety of our people and all those in the path of Hurricane Florence,” Deal said.

The shift in the projected track spread concern to areas that once thought they were relatively safe. In South Carolina, close to the Georgia line, Beaufort County emergency chief Neil Baxley told residents they need to prepare again for the worst just in case.

“We’ve had our lessons. Now it might be time for the exam,” he said.

In Virginia, where about 245,000 residents were ordered to evacuate low-lying areas, officials urged people to remain away from home despite forecast changes showing Florence’s path largely missing the state.

Their entire neighborhood evacuated in Wilmington, North Carolina, David and Janelle Garrigus planned to ride out Florence at their daughter’s one-bedroom apartment in Charlotte. Unsure of what they might find when they return home, the couple went shopping for a recreational vehicle.

“We’re just trying to plan for the future here, not having a house for an extended period of time,” David Garrigus said.

Melody Rawson evacuated her first-floor apartment in Myrtle Beach and arrived at Atlanta Motor Speedway in Hampton, Georgia, to camp for free with three other adults, her disabled son, two dogs and a pet bird.

“We hope to have something left when we get home,” she said.

Forecasters worried the storm’s damage will be all the worse if it lingers on the coast. The trend is “exceptionally bad news,” said University of Miami hurricane researcher Brian McNoldy, since it “smears a landfall out over hundreds of miles of coastline, most notably the storm surge.”

With South Carolina’s beach towns more in the bull’s-eye because of the shifting forecast, Ohio vacationers Chris and Nicole Roland put off their departure from North Myrtle Beach to get the maximum amount of time on the sand. Most other beachgoers were long gone.

“It’s been really nice,” Nicole Roland said. “Also, a little creepy. You feel like you should have already left.”

— CNBC and Reuters contributed to this report


Company: cnbc, Activity: cnbc, Date: 2018-09-13
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Turkish lira weakens as investors await central bank rates decision

The Turkish lira weakened on Thursday as investors took a cautious stance ahead of the central bank’s rate-setting meeting, where it was expected to hike rates sharply to support the ailing currency. At 0548 GMT, the lira was at 6.3700 against the dollar, easing from Wednesday’s close of 6.3450. It has lost 40 percent of its value against the U.S. currency this year but has rebounded from a record low of 7.24 percent a month ago. The central bank will announce its rates decision at 2 pm (1100 GM


The Turkish lira weakened on Thursday as investors took a cautious stance ahead of the central bank’s rate-setting meeting, where it was expected to hike rates sharply to support the ailing currency. At 0548 GMT, the lira was at 6.3700 against the dollar, easing from Wednesday’s close of 6.3450. It has lost 40 percent of its value against the U.S. currency this year but has rebounded from a record low of 7.24 percent a month ago. The central bank will announce its rates decision at 2 pm (1100 GM
Turkish lira weakens as investors await central bank rates decision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-13  Authors: murad sezer
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Turkish lira weakens as investors await central bank rates decision

The Turkish lira weakened on Thursday as investors took a cautious stance ahead of the central bank’s rate-setting meeting, where it was expected to hike rates sharply to support the ailing currency.

At 0548 GMT, the lira was at 6.3700 against the dollar, easing from Wednesday’s close of 6.3450. It has lost 40 percent of its value against the U.S. currency this year but has rebounded from a record low of 7.24 percent a month ago.

The central bank will announce its rates decision at 2 pm (1100 GMT) and predictions for a hike ranged between 225 to 725 basis points in a Reuters poll, with the bank balancing concerns over lira weakness with worries about an economic slowdown.

The lira slump has been driven by concerns about President Tayyip Erdogan’s influence on monetary policy and more recently a bitter row with the United States.


Company: cnbc, Activity: cnbc, Date: 2018-09-13  Authors: murad sezer
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Traders dump lira after Turkey’s economic confidence hits a nine-year low

Turkey’s economic confidence has dropped to its lowest level in almost a decade, heaping more pressure on the country’s trembling currency. One measure of economic confidence for August hit 83.9, slumping from 92.2 in July. The confidence reading was the lowest recorded since March 2009 and comes amid a worsening rift with the United States. Turkey’s economy was already considered particularly fragile due to its high level of debt that is priced in dollars. The more the lira weakens, the more ex


Turkey’s economic confidence has dropped to its lowest level in almost a decade, heaping more pressure on the country’s trembling currency. One measure of economic confidence for August hit 83.9, slumping from 92.2 in July. The confidence reading was the lowest recorded since March 2009 and comes amid a worsening rift with the United States. Turkey’s economy was already considered particularly fragile due to its high level of debt that is priced in dollars. The more the lira weakens, the more ex
Traders dump lira after Turkey’s economic confidence hits a nine-year low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-29  Authors: david reid, ozan kose, afp, getty images, yasin akgul
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Traders dump lira after Turkey's economic confidence hits a nine-year low

Turkey’s economic confidence has dropped to its lowest level in almost a decade, heaping more pressure on the country’s trembling currency.

One measure of economic confidence for August hit 83.9, slumping from 92.2 in July. In response to that data, the lira shed value to reach 6.4 versus the U.S. dollar, a level not seen since August 15.

The confidence reading was the lowest recorded since March 2009 and comes amid a worsening rift with the United States. The diplomatic spat has resulted in the U.S. increasing tariffs on steel and aluminium originating from Turkey.

In response Turkey announced increased tariffs on U.S. products, raising duties on American alcohol to 140 percent, autos to 120 percent and tobacco to 60 percent. Tariffs were also doubled on cosmetics, rice and coal.

Turkey’s economy was already considered particularly fragile due to its high level of debt that is priced in dollars. The more the lira weakens, the more expensive that debt becomes.


Company: cnbc, Activity: cnbc, Date: 2018-08-29  Authors: david reid, ozan kose, afp, getty images, yasin akgul
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Indonesian rupiah weakens as importers’ dollar demand rises, central bank intervenes

The Indonesian rupiah dropped on Thursday due to high demand for dollars by local importers, and the central bank has intervened in the market, a Bank Indonesia (BI) official said. “We have and are doing intervention,” Nanang Hendarsah, BI’s head of monetary management, said. The rupiah on Thursday morning slipped to 14,630 per dollar, its lowest level in a week and 0.37 percent below Tuesday’s Jakarta close. The onshore market was closed on Wednesday for a public holiday.


The Indonesian rupiah dropped on Thursday due to high demand for dollars by local importers, and the central bank has intervened in the market, a Bank Indonesia (BI) official said. “We have and are doing intervention,” Nanang Hendarsah, BI’s head of monetary management, said. The rupiah on Thursday morning slipped to 14,630 per dollar, its lowest level in a week and 0.37 percent below Tuesday’s Jakarta close. The onshore market was closed on Wednesday for a public holiday.
Indonesian rupiah weakens as importers’ dollar demand rises, central bank intervenes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-23  Authors: adek berry, afp, getty images
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Indonesian rupiah weakens as importers' dollar demand rises, central bank intervenes

The Indonesian rupiah dropped on Thursday due to high demand for dollars by local importers, and the central bank has intervened in the market, a Bank Indonesia (BI) official said.

“We have and are doing intervention,” Nanang Hendarsah, BI’s head of monetary management, said.

The rupiah on Thursday morning slipped to 14,630 per dollar, its lowest level in a week and 0.37 percent below Tuesday’s Jakarta close. The onshore market was closed on Wednesday for a public holiday.


Company: cnbc, Activity: cnbc, Date: 2018-08-23  Authors: adek berry, afp, getty images
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Hurricane Lane weakens but still packing wallop

Hurricane Lane has weakened as it approaches Hawaii but was still expected to pack a wallop, forecasters said Wednesday. The National Weather Service said tropical-storm-force winds could begin as early as Wednesday afternoon on the Big Island. He says it may diminish to a Category 3 by Thursday afternoon but that would still be a major hurricane. Public schools on the Big Island and in Maui County closed Wednesday until further notice. David Ige is allowing non-essential state employees on the


Hurricane Lane has weakened as it approaches Hawaii but was still expected to pack a wallop, forecasters said Wednesday. The National Weather Service said tropical-storm-force winds could begin as early as Wednesday afternoon on the Big Island. He says it may diminish to a Category 3 by Thursday afternoon but that would still be a major hurricane. Public schools on the Big Island and in Maui County closed Wednesday until further notice. David Ige is allowing non-essential state employees on the
Hurricane Lane weakens but still packing wallop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-22  Authors: nasa
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Hurricane Lane weakens but still packing wallop

Hurricane Lane has weakened as it approaches Hawaii but was still expected to pack a wallop, forecasters said Wednesday.

The National Weather Service said tropical-storm-force winds could begin as early as Wednesday afternoon on the Big Island.

The hurricane was about 305 miles (490 kilometers) south of Kailua-Kona and moving northwest toward other islands.

Meteorologist Chevy Chevalier in Honolulu says winds slowed overnight from 160 mph to 155 mph (259 to 250 kph), prompting a downgrade of the hurricane from a Category 5 to a Category 4.

He says it may diminish to a Category 3 by Thursday afternoon but that would still be a major hurricane.

Chevalier says that by early Friday, the hurricane is forecast to be a Category 2 with winds up to 110 mph (177 kph) and the center located west of Hawaii Island and south of Honolulu.

“We expect it to gradually weaken as it gets closer to the islands,” Chevalier said. “That being said, on our current forecast, as of the afternoon on Thursday, we still have it as a major hurricane.”

With winds to 130 mph (209 kph), the hurricane could cause catastrophic damage.

Hawaii residents have rushed to stores to stock up on bottled water, ramen, toilet paper and other supplies as they faced the threat of heavy rain, flash flooding and high surf.

Public schools on the Big Island and in Maui County closed Wednesday until further notice.

Hawaii Gov. David Ige is allowing non-essential state employees on the Big Island and Maui to go on administrative leave. Employees on Hawaii and Maui islands who work in disaster response as well as in hospitals and prisons are required to report to their jobs, the governor said.

The hurricane was moving at 8 mph (15 kph), said meteorologist Melissa Nye.


Company: cnbc, Activity: cnbc, Date: 2018-08-22  Authors: nasa
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