Yen sinks to 15-year low vs euro as dovish BOJ contrasts with ECB

The yen continued its steep descent on Tuesday, reaching a 15-year low to the euro, as a dovish BOJ kept foreign exchange markets engaging in 'carry-trades.'

"The odds of the Fed continuing on the rate hike process, rather than rate cuts, is now a bit higher."was little changed against the dollar at 1.0982, trading near the bottom of its range of the past week after data overnight showed U.S. manufacturing pulled off a three-year low last month despite a build-up of inflationary pressures.Investors will focus on whether the U.S.

The ECB and Fed decisions, along with the U.S. jobs data all come when Japan will be observing the Golden Week holidays, which run from Wednesday through to the end of the weekend. At the RBA, traders are laying 87% odds for no change to policy, although about 11 bps of tightening is priced for the August meeting.

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