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NEW YORK, Sept 9 - The dollar snapped back against the yen and other major currencies on Monday after losses last week, as investors looked ahead to key U.S. inflation data and reduced expectations for an outsized Federal Reserve interest rate cut next week.
U.S. rate futures have fully priced in a 25-basis-point rate cut at the Fed's Sept. 17-18 policy meeting, with a roughly 29% chance of a bigger, half-percentage-point move, according to LSEG calculations. On Friday, pricing for the bigger cut rose as high as 50%."I think the Fed is going to cut by 25 next week. There could be a jumbo rate move of 50 in November depending on the inflation data that comes out.
In afternoon trading, the dollar was up 0.4% at 142.84 yen . The recovery on Monday was a welcome respite for the dollar after a rough month so far. In September, the dollar has lost 2.1%. Last week, the U.S. currency fell 2.7% versus the yen. Fed policymakers on Friday signalled they are ready to kick off a series of rate cuts, noting a cooling in the labor market that could accelerate into something more worrying in the absence of lower borrowing costs.
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