The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of...
SINGAPORE - The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations.
"I think the speed of the yen rally means we are probably due some consolidation pretty soon," said James Athey, fixed income portfolio manager at Marlborough Investment Management. The Fed meets next week and is expected to stand pat on rates this time but markets are fully pricing in a rate cut in September. Traders also anticipate 66 basis points of easing this year.
"But they're still expected to announce details of their balance sheet reduction, which is some form of quantitative tightening." The Australian dollar was 0.15% higher at $0.65475, just a shade above the near three-month low it touched on Thursday. The souring risk sentiment this week has weighed heavily on the Aussie and the New Zealand dollar.
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