Forex News

Dollar Stable, Yen Weakens After BOJ Meeting

2022.10.28 03:47

[ad_1]


© Reuters.

By Peter Nurse

Investing.com – The U.S. dollar stabilized in early European trade Friday ahead of the release of key inflation data, while the Japanese yen edged lower after the Bank of Japan on Friday maintained its ultra-low interest rates and dovish stance.

At 03:05 ET (07:05 GMT), the , which tracks the greenback against a basket of six other currencies, traded flat at 110.475, after posting a near 0.8% gain overnight.

The dollar saw some strength on Thursday in the wake of a sharp fall in the euro, which has the heaviest weighting in the index, after the raised rates by 75 basis points, as expected, but took a more dovish tone on its rate outlook.

However, this followed previous weakness as expectations for a pivot by the to a less aggressive pace of monetary tightening have increased.

With this in mind, traders will focus on the release of the , the Fed’s favorite inflation gauge, later in the session for clues of the central bank policymakers’ intentions at next week’s policy-setting meeting. This is expected to show a increase of 0.5% in September, a slight drop from 0.6% the previous month.

rose 0.1% to 146.43 after the left unchanged its -0.1% target for short-term interest rates and its pledge to guide the bond yield around 0%.

The Japanese central bank, however, revised up its inflation forecasts through 2024, indicating more near-term pain for the Japanese economy and piling more pressure on the currency.

rose 0.1% to 0.9969, pushing close to parity after sharp losses overnight as the European Central Bank hinted at a less aggressive pace of rate hikes, dropping a reference to increasing rates “over the next several meetings” that had been in its September statement.

France’s expanded 0.2% in the third quarter, an official preliminary reading showed on Friday, in line with expectations, but a drop from the 0.5% quarterly growth seen in the previous quarter.

fell 0.3% to 1.1526, handing back some of the week’s near 2% gains on optimism that new British Prime Minister Rishi Sunak will adopt a more fiscally prudent stance than his predecessor Liz Truss set out in her brief tenure.

fell 0.2% to 0.6433, rose 0.1% to 0.5832, while rose 0.1% to 7.2367, as China introduced new COVID lockdown measures, increasing uncertainty over the extent of its recovery.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,162.64 1.79%
ethereum
Ethereum (ETH) $ 2,339.25 13.81%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.35 4.99%
bnb
BNB (BNB) $ 636.19 2.95%
solana
Solana (SOL) $ 171.86 7.42%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.204806 7.32%
cardano
Cardano (ADA) $ 0.787072 7.41%
tron
TRON (TRX) $ 0.262423 2.90%
staked-ether
Lido Staked Ether (STETH) $ 2,337.52 13.77%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,153.64 1.86%
sui
Sui (SUI) $ 3.90 0.78%
chainlink
Chainlink (LINK) $ 16.06 4.58%
avalanche-2
Avalanche (AVAX) $ 23.26 9.09%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,813.77 14.01%
stellar
Stellar (XLM) $ 0.296332 4.72%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 7.21%
hedera-hashgraph
Hedera (HBAR) $ 0.200655 5.02%
hyperliquid
Hyperliquid (HYPE) $ 24.90 13.18%
the-open-network
Toncoin (TON) $ 3.28 2.65%
bitcoin-cash
Bitcoin Cash (BCH) $ 408.69 2.29%
leo-token
LEO Token (LEO) $ 8.75 0.71%
usds
USDS (USDS) $ 1.00 0.01%
litecoin
Litecoin (LTC) $ 99.31 7.23%
polkadot
Polkadot (DOT) $ 4.80 11.49%
weth
WETH (WETH) $ 2,335.34 13.45%
monero
Monero (XMR) $ 308.97 5.20%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,496.09 13.96%
bitget-token
Bitget Token (BGB) $ 4.48 0.64%
pepe
Pepe (PEPE) $ 0.000012 18.60%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.25%
pi-network
Pi Network (PI) $ 0.726352 14.83%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,108.63 1.76%
whitebit
WhiteBIT Coin (WBT) $ 30.34 1.57%
uniswap
Uniswap (UNI) $ 6.34 14.63%
bittensor
Bittensor (TAO) $ 429.20 3.46%
near
NEAR Protocol (NEAR) $ 2.91 11.52%
dai
Dai (DAI) $ 1.00 0.01%
aptos
Aptos (APT) $ 5.54 5.60%
ondo-finance
Ondo (ONDO) $ 1.02 7.21%
okb
OKB (OKB) $ 53.53 2.08%
aave
Aave (AAVE) $ 209.90 9.78%
susds
sUSDS (SUSDS) $ 1.05 0.01%
official-trump
Official Trump (TRUMP) $ 14.60 17.19%
ethereum-classic
Ethereum Classic (ETC) $ 19.14 7.55%
crypto-com-chain
Cronos (CRO) $ 0.10151 4.65%
internet-computer
Internet Computer (ICP) $ 5.42 8.03%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%