Calm settled over Asian currency markets on Monday as Japan kicked off a week of...
SYDNEY - Calm settled over Asian currency markets on Monday as Japan kicked off a week of holidays, giving investors an extra excuse to sit on their hands ahead of a Federal Reserve policy meeting and U.S. jobs numbers.
Core inflation, on the other hand, surprised by slowing sharply, leading speculators to actually narrow the odds on a rate cut this year. Fed fund futures now imply a rate of 2.20 percent by year end, from 2.41 percent now. “Chicago Fed President Charles Evans has implied a sustained core PCE at 1.5 percent would justify “insurance” cuts even with growth staying healthy and investors will be listening very closely to Powell on Wednesday for any hints about his thoughts on this topic.”
The Canadian dollar and Swedish crown, for instance, both took hits last week when their central banks put a halt on future rate hikes. While the yen gained at the end of last week, that was mainly because speculators chose to cut short positions ahead of this week’s extended Japanese holiday.
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