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Another week begins with the yen under pressure and central bank policies in the spotlight

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News Tech: The Japanese Yen continued to slide on Monday morning, while the Australian and Kiwi remained in contention. The dollar rose slightly against the yen to 119.3 yen, challenging the six-year high of 119.39 reached on Friday. The dollar ended last week up 1.6% against the Japanese currency. CBA analysts said they believe the pair’s move may slow this week, but they expect the dollar to climb higher against the yen in the coming months as interest rates rise of Americans and Japanese is increasing.
“The dynamics of inflation in Japan are very different from those observed in other major economies we track.

Hence the retreat from the Bank’s ultra-loose monetary policy. Central Japan is still within our sight,” they said. . In contrast, the US Federal Reserve raised its key interest rate by 25 points last week, the first time since the pandemic. Traders are now firmly focused on the speed and magnitude of future rate hikes and the height of their eventual peak, as policymakers try to contain soaring inflation. A series of speeches by Fed policymakers this week, kicked off by Powell’s speech on Monday, could provide clues.

Barclays analysis said. The dollar index, which measures the greenback against six other currencies, was unchanged at 98.270.
The yen was also at a four-year low against the booming Australian dollar, which has benefited from rising commodity prices. Against the US dollar, the Aussie was at $0.7414 after gaining 1.7% last week. Barclays analysts said they expect further gains as the Fed bull cycle is now priced in, and given the ongoing global risk sentiment, this should generally support the market’s risk-friendly currency.

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