Dollar drifts toward worst Aug in five years; Abenomics outlook steadies yen

The dollar was poised to register a fourth straight monthly drop on Monday as investors bet on U.S. rates staying low for longer, while the yen steadied on the view that Japan's next leader will stay the course on the 'Abenomics' economic revival programme.

SINGAPORE - The dollar was poised to register a fourth straight monthly drop on Monday as investors bet on U.S. rates staying low for longer, while the yen steadied on the view that Japan’s next leader will stay the course on the ‘Abenomics’ economic revival programme.

The yen eased by about 0.3% in Asia to 105.62 per dollar, having climbed as far as 104.195 on Friday in the wake of Abe’s resignation as prime minister for health reasons. Yen crosses also reeled in some of Friday’s leap. The New Zealand dollar made a post-COVID high of $0.6749. China’s yuan hit a 14-month peak of 6.844 to the dollar in offshore trade as investors cheer the services growth rather than fretting about a stalled rebound in manufacturing.

“It seems clear to us that we are at the start of a multi-year period of dollar decline, from very elevated levels,” said Societe Generale strategists Kit Juckes and Olivier Korber.“Questions over Abenomics in conjunction with the broader dollar move leaves dollar/yen vulnerable to the downside over the short-term,” analysts at MUFG wrote in a note.

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