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Dollar reaches one-month high vs Yen

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The Dollar reached a one-month high against the Japanese Yen on Monday as traders focused on another rate hike from the Fed, whilst Japan's central bank held its easy monetary policy stance.


The greenback increased to 134.22 previously in the session, the highest level since 15th March. At the time of writing, it edged up 0.12% at 133.9.


Whereas there was little change for the Dollar index – measuring the currency against six rivals – at 101.64. On Friday, the index declined to a one-year low of 100.78 before rallying, Reuters reports.


"With respect to the Yen, the story is fairly straightforward," said Jane Foley, Rabobank's head of FX strategy.


"The Dollar has bounced back, but also, we've had comments from the Bank of Japan indicating that there is no real reason for them to pull back from their ultra-easy policy."


Last week, the new governor of the Bank of Japan, Kazuo Ueda, said Japan would remain dovish by maintaining interest rates at ultra-low levels for now.


Whereas traders anticipate an 84% chance the Fed will increase rates again by 25 basis points next month, compared to 69% last week.


The increase followed an upward revision to past US retail sales figures and as consumer inflation forecasts edged up on Friday.


In addition, the Euro was flat against the Dollar on Monday at $1.098. On Friday, the single currency hit a one-year high of $1.108, with traders predicting further rate hikes by the European Central Bank.


Sterling fell 0.07% to $1.241 after reaching a 10-month high of $1.255 at the end of last week.


In Australia, the Dollar moved down 0.13% at $0.67 on Monday, whilst in South Africa, the Rand made gains against the greenback in early trade. The Rand stood at 18.0275 against the Dollar by 07:00 GMT, around 0.2% higher than Friday's close.

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.