HomeEconomyYen falls on dovish Bank of Japan as markets await Fed decision Economy Yen falls on dovish Bank of Japan as markets await Fed decision By hossam a October 28, 2022 0 149 views Share FacebookTwitterPinterestWhatsApp Dollar /JPY +0.07% Add to Watchlist/Remove from Watchlist Add to watchlist Add Location Job added successfully: Please enter your name Your portfolio type: purchase Sell date : ) quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 52 1: 1001: 52 1: 65 1: 52 Committee: 1900 1900 CREATE NEW WATCH LIST CREATE 995593 1900 Create a new Holding Portfolio Add Create 1900200 1900 + add another position Close ) John · McClank NEW YORK (Reuters) – The Bank of Japan and other major central banks bucked the trend and stuck to ultra-low interest rates for the week The yen fell more than 1 percent against the dollar, while the dollar strengthened after U.S. data showed inflation remained elevated. This week ahead of the Fed’s Nov. 1-2 policy-setting meeting, the dollar is under pressure. The central bank is expected to raise interest rates 11 Markets are already pricing in rate hikes ahead of a “turn” to a fourth consecutive basis point at a slower pace of rate hikes. “The bottom line is that if the Fed does not move to a more forward-looking stance, the result will be a tighter monetary policy than the other requirements, ” said TD Securities economist Admir Kolaj. This500 US dollar index is expected to per It was down about 1% for the week. Speculation over timing of Fed turn weakens dollar, but dollar still gains against yen after Bank of Japan governor Haruhiko Kuroda said Interest rates are still far away, and inflation in the country is likely to fall below the 2% target for years to come. Yen fell as much as 1.% after the BOJ decision. 3 points: PM EST (65 GMT), the yen fell 0.10% exist75.5. This week, the yen fell around 0 . %. Kuroda Haruhiko refuted the Bank of Japan The yield cap on the JPY is to blame for the recent sharp decline in the yen, reinforcing the view that the central bank will not use rate hikes to support the yen. “The Bank of Japan remains the most accommodative G7 central bank carrying the baton,” said Stephen Innes, managing partner at SPI Asset Management. “leftover200USDJPY is largely at the mercy of broad dollar trends, which in turn mirror U.S. fixed income movements.” Sterling rose against the dollar earlier this week after Rishi Sunak was named Britain’s third prime minister in two months. GBP goes up by 0.% 1. 65, is expected to rise weekly About 2.%. The euro fell 0.1% to $0. 65, in the ECB plus Thursday’s drop more than 1% rate after interest rate basis points, as expected, but took a more dovish tone on its rate outlook. This week, the euro rose about 0.25%. The common currency was partly supported by German data, which showed Europe’s largest economy unexpectedly avoided recession for a third year, with inflation unexpectedly rising, fueled by a painful energy standoff with Russia. U.S. data on Thursday showed consumer spending rose more than expected in September, the Fed remains on schedule despite underlying inflationary pressures continuing to bubble Raise interest rates 07 next week’s base point. ” data came in this week to Fed Chairman Jerome Powell, who is very thankful for his Monex USA head of trading Juan Juan Perez said. “Strong The economy leads to f on the economic side, but inflation has to fight high interest rates, which will only make the dollar stronger,” he said. The more dovish European Smaller-than-expected rate hikes by the Continental and Bank of Canada this week helped fuel expectations for a U.S. Federal Reserve turnaround. The dollar also strengthened against the Swiss franc and the Australian dollar. 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