{"id":59431,"date":"2023-09-11T04:45:51","date_gmt":"2023-09-11T08:45:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-retreats-ahead-of-inflation-data-yen-soars-on-uedas-comments\/"},"modified":"2023-09-11T04:45:52","modified_gmt":"2023-09-11T08:45:52","slug":"dollar-retreats-ahead-of-inflation-data-yen-soars-on-uedas-comments","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59431","title":{"rendered":"Dollar retreats ahead of inflation data; Yen soars on Ueda’s comments"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar fell in early European trade Monday, retreating from a six-month high, while the Japanese yen surged as comments from Bank of Japan Governor Kazuo Ueda signaled a potential change in monetary policy.\u00a0<\/p>\n

At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.5% lower to 104.212, falling from last week’s six-month high of 105.15.<\/p>\n

Yen soars after Ueda hints at policy change<\/strong><\/h2>\n

Dragging the lower Monday has been sharp gains in the yen, with 1.2% lower at 146.06, as BOJ head Kazuo Ueda flagged a potential pivot away from negative interest rates.<\/p>\n

This extremely easy monetary policy has contributed significantly to the yen falling to 10-month lows against the dollar given the growing interest rate differentials.<\/p>\n

Ueda told a local newspaper that the BOJ could have enough data by the end of the year to determine whether rates should stay negative, adding that the bank\u2019s 2% inflation target was just in sight, allowing policymakers to begin considering tightening policy.\u00a0<\/p>\n

ECB policy meeting looms large<\/strong><\/h2>\n

Elsewhere, rose 0.2% to 1.0724, climbing from last week\u2019s three-month low as traders prepare for Thursday\u2019s policy-setting meeting from the .<\/p>\n

There is a great deal of uncertainty over the ECB\u2019s rate decision as price pressures remain elevated while data shows economic activity is now slowing sharply.<\/p>\n

The central bank has raised rates at each of its past nine meetings and policymakers are now debating whether to raise the deposit rate again, to 4%, or pause.<\/p>\n

rose 0.4% to 1.2518, also rebounding from a three-month low hit last week, with traders keenly awaiting Tuesday\u2019s release of July , which could see a reduction of wage inflationary pressures.\u00a0\u00a0\u00a0<\/p>\n

Traders eagerly await U.S. inflation data<\/strong>\u00a0<\/h2>\n

Despite Monday\u2019s losses, the dollar still remains near its highest levels in six months, helped by a recent run of resilient economic data which lifted expectations that further rate hikes from the Federal Reserve may be on the horizon.\u00a0\u00a0<\/p>\n

U.S. data, due on Wednesday, as well as on Thursday, will be carefully studied for more cues on monetary policy and the path of interest rates.\u00a0<\/p>\n

The is widely expected to keep interest rates on hold at its meeting next week, but data showing inflation remains sticky could point to another hike later in the year.\u00a0<\/p>\n

\u201cWith activity data staying strong, it seems the market may be more minded to buy into the idea of another ‘skip’ – i.e. the Fed not hiking in September but hiking again later in the year. Clearly, this pushes the idea of a Fed easing cycle later and keeps the dollar stronger for longer,\u201d said analysts at ING, in a note.<\/p>\n

Chinese yuan bounces off 16-year low<\/strong><\/h2>\n

fell 0.7% to 7.2920, with the yuan bouncing from Friday’s 16-year low after China’s central bank signaled increasing discomfort with the currency’s recent weakness with a strong daily midpoint guidance rate.<\/p>\n

Positive inflation data from China over the weekend also helped as it showed some improvement in Asia\u2019s largest economy.\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar fell in early European trade Monday, retreating from a six-month high, while the Japanese yen surged as comments from Bank of Japan Governor Kazuo Ueda signaled a potential change in monetary policy.\u00a0 At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other […]<\/p>\n","protected":false},"author":1,"featured_media":10768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-59431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar retreats ahead of inflation data; Yen soars on Ueda's comments | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar fell in early European trade Monday, retreating from a six-month high, while the Japanese yen surged as comments from Bank\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=59431\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar retreats ahead of inflation data; 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