Yen wallows as Omicron fears subside and rate hikes loom - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The yen was pinned near a five-year low on the dollar on Wednesday and nursing losses on other crosses as traders wagered the Bank of Japan would lag a looming wave of global policy tightening as inflation gallops ahead around the world.

The yen tumbled through support around 115.50 per dollar on Tuesday to hit the five-year trough at 116.35.It also dropped through its 200-day moving average to a two-month low of 131.45 per euro and was hovering at 131.06 per euro early in the Asia session.

“Sharply higher COVID-19 case numbers in the US appear to be primarily boosting supply-chain concerns and fears of higher inflation in the US, rather than boosting growth concerns,” said Nomura economist Andrew Ticehurst. Partial US labour data on Wednesday and non-farm payrolls on Friday will also be watched for a guide to the trajectory.Analysts at Standard Chartered now expect 25-basis point hikes in March and June rather than one hike in September.

 

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