Asia FX weakens as yen volatility spurs caution; dollar dented by soft CPI
Investing.com-- Most Asian currencies fell slightly on Friday as traders turned cautious amid increased volatility in the Japanese yen, which sparked speculation over whether the government had intervened in markets.
But sentiment towards Asia was held back by volatility in the yen, while markets also digested mixed trade figures from China.The pair slid over 2% on Thursday after the soft U.S. CPI report, dropping from levels close to a 38-year high, which it had hit earlier in July. Data on the Bank of Japan’s balance sheet, due later in July, is expected to offer more clarity on whether the government did intervene. Traders also speculated whether short positions on the yen were squeezed by a sharp decline in the dollar, following the weak CPI reading for June.The reading ramped up bets that the Federal Reserve will have more confidence to begin cutting interest rates.
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