Yen Holds Steady as Traders Await Economic Data
The Japanese yen was little changed around 157.8 per dollar on Monday, remaining in a sideways range for roughly two weeks now as traders awaited a series of economic reports due this week. Key releases include August wage, current account and household spending data, along with September figures for consumer confidence and machine tool orders. Last week, a summary of opinions from the Bank of Japan’s September meeting pointed to a growing focus on preventing inflation from rising above the central bank’s 2% target, signaling the possibility of another rate increase this year but offering little clarity on its timing ahead of policy decisions in October and December. Meanwhile, the yen remained under pressure from a strong dollar and elevated Treasury yields, even as weaker-than-expected US jobs data reduced pressure on the Federal Reserve to raise interest rates further.
8 per dollar on Monday, remaining in a sideways range for roughly two weeks now as traders awaited a series of economic reports due this week. Key releases include August wage, current account and household spending data, along with September figures for consumer confidence and machine tool orders. Last week, a summary of opinions from the Bank of Japan’s September meeting pointed to a growing focus on preventing inflation from rising above the central bank’s 2% target, signaling the possibility of another rate increase this year but offering little clarity on its timing ahead of policy decisions in October and December.
Meanwhile, the yen remained under pressure from a strong dollar and elevated Treasury yields, even as weaker-than-expected US jobs data reduced pressure on the Federal Reserve to raise interest rates further.