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Higher dollar yields aren’t helping, and the Bank of Japan is in the spotlight

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News Tech: The yen rose ahead of the outcome of Tuesday’s central bank monetary policy meeting, and the dollar appeared to ignore US Treasury yields. The BOJ is likely to revise its inflation forecasts slightly upward in its quarterly forecast report after a meeting on rising energy costs, Reuters reported last week, citing sources, but the new forecast remains the BOJ’s forecast. The meeting is expected to end at midnight in Tokyo. The dollar fell 0.15% against the yen in early trading, to 114.43 yen to the dollar, and also fell slightly against the pound and euro.

“The conundrum on everyone’s mind is whether the dollar is buying relative to yields or whether the news is priced in favor of the dollar,” said Ray Attrill, head of FX strategy at National Australia Bank. That’s what it means,” he said. Abnormal theories include investors who reacted early to the fact that the dollar had historically peaked around the time the Fed hiked rates, and to the fact that they expected global economic growth. said there is. But he said he wasn’t convinced by any of the arguments. The euro is in the forefront at $1.1416, with the sterling firming at $1.3657.

US Treasury yields continued to rise and the short end of the curve reached new pandemic highs that would normally support the dollar, yet the weakness in the dollar came. Two-year yields topped 1% for the first time since the February 2020 Asian Open as trading resumed after the US bank holiday. Traders are up this year as they expect the Fed to hike rates as early as March, but the dollar index, which tracks the US dollar against six peers, is up year-to-date. He is down 0.52%.

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ING analysts see weakness tempered amid political uncertainty in the UK, where Prime Minister Boris Johnson faces calls for his resignation, as expectations of aggressive tightening by the Bank of England boosted the pound. I think it will be possible.
There is no key eurozone economic data on the calendar this week, but investors can expect speeches from European Central Bank President Christine Lagarde and other ECB members, as well as the central bank’s December monetary policy meeting on Thursday.

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