{"id":7581,"date":"2023-10-31T13:36:41","date_gmt":"2023-10-31T13:36:41","guid":{"rendered":"https:\/\/infundpros.com\/markets\/currencies\/dollar-edges-higher-yen-slumps-as-boj-maintains-dovish-stance\/"},"modified":"2023-10-31T13:36:42","modified_gmt":"2023-10-31T13:36:42","slug":"dollar-edges-higher-yen-slumps-as-boj-maintains-dovish-stance","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7581","title":{"rendered":"Dollar edges higher, yen slumps as BOJ maintains dovish stance"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged higher in early European trade Tuesday, while the yen slumped after the Bank of Japan maintained its ultra-dovish stance.\u00a0<\/p>\n

At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 106.122.<\/p>\n

Bank of Japan maintains dovish tone<\/strong><\/h2>\n

The was the first of this week\u2019s major central banks to hold its policy-setting meeting earlier Tuesday, and it decided to keep interest rates negative, while only making minimal changes to its yield curve control policy.<\/p>\n

The central bank said it will allow some more flexibility in its YCC, potentially letting bond yields move above their 1% cap. But this largely disappointed markets hoping for a more aggressive move by the BOJ.<\/p>\n

surged 0.7% to 150.11, crossing the widely-watched 150 level once more, putting potential government intervention into the spotlight once more.\u00a0<\/p>\n

Weak economic data also weighed on the yen, after readings on both and disappointed for September.\u00a0<\/p>\n

The BOJ also forecast higher inflation and worsening economic conditions in the coming years, and that it will continue with its pace of quantitative easing in the near-term.\u00a0<\/p>\n

Fed starts two-day meeting\u00a0<\/strong><\/h2>\n

The received a boost from the yen weakness, but it has also been underpinned by risks of another rate hike from the Federal Reserve given data points to a still-resilient U.S. economy.<\/p>\n

The starts its two-day policy meeting later in the session, to be concluded on Wednesday.\u00a0<\/p>\n

The central bank is widely expected to keep rates on hold, but it is also likely to reiterate its higher-for-longer stance on interest rates – a scenario that bodes well for the dollar.\u00a0<\/p>\n

Euro edges higher ahead of eurozone growth, inflation data<\/strong><\/h2>\n

rose 0.1% to 1.0623, ahead of the release of latest eurozone growth and inflation data later in the session, offering clues of future European Central Bank monetary policy decisions.\u00a0<\/p>\n

is expected to grow by just 0.2% on an annual basis in the third quarter, a drop from 0.5% growth the prior quarter, while are seen rising 3.1% annually in October, a drop from 4.3% the previous month.<\/p>\n

Data released earlier Tuesday showed that fell 0.8% in September, having been expected to rise by 0.5%, as persistently high inflation took its toll on consumption in the euro zone’s largest economy.<\/p>\n

Chinese PMIs disappoint<\/strong><\/h2>\n

rose 0.1% to 7.3182 after the latest purchasing managers index data showed that China\u2019s contracted in October, while growth in the slowed substantially.\u00a0<\/p>\n

Elsewhere, fell 0.2% to 1.2148, ahead of the Bank of England\u2019s latest later in the week, with the central bank widely expected to keep interest rates on hold.\u00a0<\/p>\n

fell 0.3% to 0.6354, while traded largely flat at 0.5840.<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

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