{"id":6927,"date":"2023-10-30T04:16:54","date_gmt":"2023-10-30T04:16:54","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/asia-fx-muted-dollar-steadies-with-fed-boj-meetings-in-sight\/"},"modified":"2023-10-30T04:16:55","modified_gmt":"2023-10-30T04:16:55","slug":"asia-fx-muted-dollar-steadies-with-fed-boj-meetings-in-sight","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6927","title":{"rendered":"Asia FX muted, dollar steadies with Fed, BOJ meetings in sight"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies moved little on Monday, while the dollar steadied as traders hunkered down before a string of central bank meetings this week, most notably the Federal Reserve and Bank of Japan.<\/p>\n

Persistent concerns over the Israel-Hamas war remained in play, as Israel launched a large-scale ground assault on Gaza. But signs of no immediate escalation in the conflict offered some relief to risk-driven markets.<\/p>\n

The and firmed slightly in Asian trade, retaining most of their gains from last week as markets remained largely apprehensive of a on Wednesday. The central bank is set to keep rates on hold, but is likely to signal higher-for-longer rates as it continues to move against overheated inflation.<\/p>\n

Higher U.S. rates bodes poorly for Asian currencies, as the gap between risky and low-risk yields narrows. U.S. Treasury yields also advanced on Monday, remaining within sight of recent peaks.<\/p>\n

Most Asian currencies stuck to a flat-to-low range as sentiment remained frail. The was among the few outliers for the day, rising nearly 0.4% as data showed a stronger-than-expected jump in through September.\u00a0<\/p>\n

The reading factors into higher inflation expectations, and furthers bets that the Reserve Bank of Australia will hike interest rates when it meets next week.\u00a0<\/p>\n

Japanese yen steady below 150, hawkish BOJ in focus\u00a0<\/h2>\n

The firmed slightly on Monday, moving below the 150 level after sinking to a one-year low last week.\u00a0<\/p>\n

Focus was squarely on the conclusion of a on Tuesday, where the central bank is expected to potentially announce further changes to its yield curve control policy, as it grapples with high inflation and a severely weakened yen.<\/p>\n

Recent data showed a growing resurgence in Japanese , which traders bet could push the BOJ into scaling back its ultra-loose policy. Analysts also see an end to the bank\u2019s negative interest rates in 2024.\u00a0<\/p>\n

Any hawkish moves by the BOJ are expected to benefit the yen, which is one of the worst-performing Asian currencies this year. Markets were also watching for any intervention by the Japanese government in currency markets, to support the yen.<\/p>\n

Among other currencies, was flat on Monday, with markets waiting for key due on Tuesday. The reading is expected to show some improvement in Asia\u2019s largest economy.\u00a0<\/p>\n

The rose 0.2%, tracking a decline in oil prices, while the and the also added 0.2% each.\u00a0<\/p>\n

Beyond the Fed and the BOJ, the is also set to decide on interest rates this week.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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