Yen edges up as traders push back Fed rate hike bets
The yen gained as softer U.S. data led traders to price in a 66.9% chance the Federal Reserve holds rates in September, CME Group’s FedWatch tool said.
- On Monday, the yen rose 0.2% against the dollar to 159.055 as traders scaled back expectations for Federal Reserve interest rate hikes this year.
- Softer U.S. data, including non-farm payrolls and inflation gauges, have doused investor expectations for Federal Reserve rate hikes, with BNY analysts noting less than one full hike now priced for December.
- CME Group's FedWatch tool shows a 66.9% probability that Fed policymakers will hold rates at their September 16 meeting, up from 47.6% a month ago.
- Japanese GDP expanded 1.1% in the second quarter, though Capital Economics wrote the "details were a mixed bag" while noting Takaichi's expansionary fiscal policies are starting to have an impact.
- Investors look toward the Jackson Hole symposium between August 27 and 29 for clues on future policy, as the U.S. dollar index trades near its lowest levels of the month at 99.519.
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Crypto BriefingAsian currencies strengthen as Fed rate hike expectations diminish
Diminished Fed rate hike expectations may boost Asian currencies and gold, impacting global markets and investor strategies. The post Asian currencies strengthen as Fed rate hike expectations diminish appeared first on Crypto Briefing .
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