The yen was front and centre for currency markets in Asian Market opening trades today ahead of a Bank of Japan (BOJ) policy decision where it is all but certain to raise interest rates, while the dollar was headed for its worst week in two months. The BOJ concludes its two-day policy meeting later in the day and markets have fully priced in a 25-basis-point hike, with comments from BOJ officials in recent times also hinting at such a move. Ahead of the decision, the yen was little changed at 156.11 per dollar, languishing near a one-week low hit in the previous session. The euro meanwhile, rose 0.04% to $1.0435 and was headed for a 1.4% weekly gain, which would mark its best performance since November. Sterling last bought $1.2377 and was similarly poised for a rise of 1.6% for the week, snapping three straight weeks of losses. The greenback was set to lose 1.2% against a basket of currencies, its steepest decline since November. The dollar index was last 0.07% lower at 107.92. Also adding to headwinds for the dollar were comments from Trump demanding that the Federal Reserve cut interest rates, arguing he understands monetary policy better than those charged with setting it. The Indian rupee opened stronger with a huge gap of 15 paise at 86.31/32 against its previous session’s close of 86.46/47 and is expected to trade between 86.25– 86.40 band today.
Available to subscribers only!
