Asia FX muted, dollar steadies with Fed, BOJ meetings in sight
Investing.com-- Most Asian currencies moved little on Monday, while the dollar steadied as traders hunkered down before a string of central bank meetings this week, most notably the Federal Reserve and Bank of Japan.
Persistent concerns over the Israel-Hamas war remained in play, as Israel launched a large-scale ground assault on Gaza. But signs of no immediate escalation in the conflict offered some relief to risk-driven markets.firmed slightly in Asian trade, retaining most of their gains from last week as markets remained largely apprehensive of aon Wednesday.
Higher U.S. rates bodes poorly for Asian currencies, as the gap between risky and low-risk yields narrows. U.S. Treasury yields also advanced on Monday, remaining within sight of recent peaks.The reading factors into higher inflation expectations, and furthers bets that the Reserve Bank of Australia will hike interest rates when it meets next week.
Any hawkish moves by the BOJ are expected to benefit the yen, which is one of the worst-performing Asian currencies this year. Markets were also watching for any intervention by the Japanese government in currency markets, to support the yen.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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