SINGAPORE/LONDON (Reuters) – The Japanese currency rose against the dollar, with traders talking about heavy dollar-selling by Japanese banks for the first time in 18 months after the yen hit new lows of 34 years at the beginning of the day.
This move begins what could be a busy week for currency traders, with the Federal Reserve meeting wrapping up on Wednesday, all-important US jobs data on Friday and European inflation data due later this month. week.
At 10.50 am the dollar was down 1.6% at 155.87 yen. In Asia, trading was thinner than usual due to the Weekday holiday in Japan.
Japan’s intervention comes days before the Federal Reserve’s policy review on May 1, with investors already anticipating a delay in US rate cuts following a series of less than encouraging inflation data.
The Fed is expected to keep its key interest rate at 5.25%-5.5% at its April 30-May 1 meeting.
The pound and euro rebound from five-month lows hit in mid-April. The euro stood at $1.07, up 0.1%, while the pound rose 0.2% to $1.25.
This week’s flash European inflation data will provide further information. In Spain, the European harmonized inflation rate stood at 3.4% on an annual basis, up from 3.3% in March. Data on German inflation are also expected during the day.
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10.50am
CHANGE RIC BID ASK CLOSURE
1.0701 1.0705 1.0692
DOLLAR/YEN 155.8700 155.9000 158.3300
EURO/YEN 166.7900 166.8300 169.3000
EURO/STERLING 0.8549 0.8554 0.8559
SPOT GOLD 2,338.02 2,338.53 2337.72
NAME INDEX RECORD VALUE VAR. % CLOSURE
DOLLAR INDEX 105.6810 -0.24 105.9380
(Translated by Luca Fratangelo, editing Stefano Bernabei)
