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The greenback and yen struggle as traders assess interest rate cuts

09 Feb,2024
The greenback and yen struggle as traders assess interest rate cuts

The greenback is on course to hit weekly gain of Friday, driving the yen to the lowest level in 10 months, as traders reduced their bets over the speed at which the BOJ would increase interest rates and how early Fed will trim them.

On Friday, BOJ Governor Kazuo Ueda stated that there was a good likelihood that the current low interest rate environment will continue even after the central bank terminates its negative rate policy, that was projected to occur by the market as soon as the upcoming month.

EUR/USD almost steadied at $1.0773.

GBP/USD hovered around $1.2619.

The two currencies have demonstrated a fair degree of resilience as policymakers from ECB and BOE dashed hopes of early rate cuts.

The yen steadied at 149.42 per dollar post trading at 149.575 earlier, its weakest since Nov. 27 poised for a 0.68% drop this week.

 

 

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