A jump in U.S. Treasury yields pushed the dollar index to a six-day high on Tuesday, while Japan's yen fell after the Bank of Japan said it would stick to its ultra-loose monetary policy.
The U.S. Federal Reserve meets next week. It is expected to raise rates in March, for the first time since the start of the coronavirus pandemic, and investors are pricing in four rate hikes in 2022.
The U.S. dollar strengthened against a basket of currencies, hitting a six-day high of 95.454 during Asian trading, before easing gradually overnight. At 0836 GMT it was at 95.308, up 0.1% on the day .The yen slipped after the Bank of Japan said it would maintain its ultra-loose monetary policy even as its global counterparts move towards exiting from crisis-mode policies.At 0838 GMT, the dollar was up 0.1% against the yen at 114.72 , with the pair having reached as high as 115.06 overnight.
"The widening divergence between BoJ and Fed policy expectations should continue to place upward pressure on USD/JPY," he wrote."That failure and the fact that the market was short JPY means the prospect of a quick rebound for USD/JPY is diminishing... some USD/JPY recovery is feasible but this correction could be a sign of the beginning of the end of the trend higher in USD/JPY," he said.
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