SINGAPORE: The dollar drifted off multi-month lows on Tuesday (Jan 17), while the yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of Japan. The euro reached a nine-month high on Monday at US$1.0874, but was last loitering around US$1.0830.
SINGAPORE: The dollar drifted off multi-month lows on Tuesday , while the yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of Japan.The yen hit a top of 127.22 per dollar during Asia hours on Monday, before easing a little during a holiday-thinned US session to sit around 128.40.
A newspaper report last week has also stoked expectation for a change, so traders are on the lookout for a sharp reaction even if the BOJ makes no move. The yen rose 3 per cent against the dollar last week, and one-week implied volatility for dollar/yen is at its highest since March 2020. He sees three main possibilities: No policy change, a tweak similar to a move in December to widen the 10-year yield target band, and the total abandonment of yield curve control, with the latter likely to drive the most extreme market response.
In the meantime, foreign exchange trade may be driven by Chinese economic data due around 2am GMT, which is expected to be weak, British labour data, US earnings and Canadian inflation figures.
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