Yen slips, markets brace for US inflation data
SINGAPORE - The yen was a tad softer against the dollar in trading thinned by a Japanese holiday on Monday, with market participants still ambivalent about the odds of a big Fed rate cut next month.
Still, investors remain unconvinced the Fed can afford to go slow with rate cuts, and their pricing of 100 basis points of easing by year end, as per the CME Group's (NASDAQ:That leaves markets highly vulnerable to data and events, notably U.S.
The Reserve Bank of New Zealand reviews policy on Wednesday and is expected to keep its key cash rate unchanged at 5.50%.Markets, in particular Japan's, were rocked last week by an unwinding of the hugely popular yen carry trade, which involves borrowing yen at a low cost to invest in other currencies and assets offering higher yields.
The yen reached its strongest level since Jan. 2 at 141.675 per dollar last Monday. It is still down 3.8% versus the dollar so far this year.
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