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NEW YORK, Aug 19 - The dollar fell to a seven-month low and the Japanese yen hit a more than one-week high as traders awaited comments from Federal Reserve Chair Jerome Powell this week likely to hint the U.S. central bank will start cutting interest rates in September.
“I think we’re still at the point of the justification to cut in September,” said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey. In early August traders aggressively priced for imminent rate cuts after an unexpected increase in the unemployment rate in July raised concerns about a possible recession.
Minneapolis Fed President Neel Kashkari said it was appropriate to discuss potentially cutting U.S. interest rates in September because of the rising possibility of a weakening labor market, the Wall Street Journal reported on Monday. Minutes from the Fed’s July meeting on Wednesday will also be evaluated for any new clues on its expected rate trajectory.
The Japanese currency has gained on optimism that the interest rate gap between the U.S. and Japan will continue to shrink and due to a continued unwind of dollar/yen carry trades.
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