Japanese Yen Eases on Stronger Dollar
The Japanese yen slipped toward 143 per dollar, snapping a recent rally as the dollar gained some ground amid lingering uncertainty on the scale of an expected interest rate cut from the Federal Reserve later this month. The latest US monthly jobs report provided little clarity on the rates path, while traders await key US inflation data this week.
Meanwhile, the yen surged nearly 3% last week and climbed to an almost year-to-date high on bets that the Bank of Japan will hike rates further amid solid growth, rising wages and persistent inflationary pressures. BOJ policymakers also indicated that they will adjust monetary settings further if their outlook for the economy and prices are realized.
On the data front, final figures showed that Japan's economy grew an annualized 2.9% in the second quarter, lower than the advance figure of 3.1% and market forecasts of 3.2%.
Source: Trading Economics
