Dollar sitting pretty, yen bears wary of BOJ hawks
SYDNEY - The dollar was looking to extend its bull run on Monday as lofty Treasury yields and a more restrained outlook for U.S. rate cuts burnished its attractiveness, though the risk of intervention had caused a pullback against the yen.
Markets imply around a 55% chance of a quarter-point rate hike to 0.5% when the BOJ meets on Dec. 19. Against a basket of currencies the dollar held at 106.730, having touched a one-year top of 107.07 on Friday. The index climbed 1.6% over the week, marking six weeks of gains in the last seven. Markets are eager to hear who Trump will pick as Treasury Secretary, with Howard Lutnick, the CEO of Cantor Fitzgerald, and investor Scott Bessent top candidates for the job.
At least seven Fed officials are due to speak this week and traders assume they will sound cautious on aggressive cuts.
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