Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Yen pressured as traders wait on policy decisions

UK's EasyJet says it is operating flights as normal to Rhodes

Yen pressured as traders wait on policy decisions

By Tom Westbrook

SYDNEY (Reuters) – The dollar and euro made firm starts on Monday to a week full of central bank meetings, while the yen was struggling as investors expect the Bank of Japan will be the odd one out as policymakers hike rates in Europe and the United States.

The Federal Reserve concludes a meeting on Wednesday, followed by the European Central Bank a day later and the Bank of Japan on Friday.

The yen had dived on the dollar and crosses last week following a Reuters report that the Bank of Japan was leaning towards keeping its yield curve control policy unchanged, though volatility gauges have spiked as the meeting looms as a risk.

The yen was nursing losses at 141.71 to the dollar early on Monday and at 157.58 to the euro, it wasn’t much above last week’s 15-year low at 158.04, nor was it far from last week’s record low on the Swiss franc.

The euro held at $1.1128 on Monday. The U.S. dollar index was steady at 101.04.

“The last week left markets believing in a soft-landing scenario for the U.S. markets where the (Fed) ends its hikes … and then sees a steady drop in CPI without a recession,” said Bob Savage, head of markets strategy at BNY Mellon.

“The ECB is also expected to be near the end with the German technical recession easing and growth holding elsewhere. The BOJ is seen talking about change but not doing much.”

The yen’s Friday fall helped the dollar to gains on the Australian and New Zealand dollars and they were steady near recent lows early on Monday. The Aussie was testing support at its 200-day moving average at $0.6722.

The kiwi, which broke below its 200-dma on Friday, sat at $0.6172. It is under pressure as the central bank believes it is finished hiking rates and export prices have dragged as China’s post-pandemic recovery has disappointed.

“As long as dairy prices remain under pressure, the New Zealand dollar is unlikely to thrive,” said ANZ analysts.

On the data front, traders will be watching out for Purchasing Manager’s Index figures due across the globe through the trading day on Monday.

========================================================

Currency bid prices at 0031 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.1131 $1.1124 +0.04% +3.86% +1.1138 +1.1124

 

Dollar/Yen

141.6650 141.7400 -0.06% +0.00% +141.8000 +141.6550

 

Euro/Yen

157.68 157.76 -0.05% +12.39% +157.7800 +157.5700

 

Dollar/Swiss

0.8659 0.8660 +0.01% -6.34% +0.8664 +0.8660

 

Sterling/Dollar

1.2866 1.2852 +0.08% +6.35% +1.2866 +1.2853

 

Dollar/Canadian

1.3218 1.3224 -0.04% -2.44% +1.3227 +1.3219

 

Aussie/Dollar

0.6730 0.6732 -0.04% -1.28% +0.6733 +0.6723

 

NZ

Dollar/Dollar 0.6174 0.6166 +0.11% -2.80% +0.6174 +0.6165

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

 

(Reporting by Tom Westbrook.; Editing by Shri Navaratnam)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts