The yen was at 118.37 per dollar on Tuesday morning, after tumbling sharply in recent sessions as the contrast between rising benchmark rates in the United States and low rates in Japan becomes ever more apparent as the Fed begins to tighten.The yen was at 118.37 per dollar on Tuesday morning, after tumbling sharply in recent sessions as the contrast between rising benchmark rates in the United States and low rates in Japan becomes ever more apparent as the Fed begins to tighten.
Markets anticipate a 25 basis point rise at this meeting, according to the CME’s Fed watch tool, but pricing has risen to indicate a 70% chance of a larger 50 basis point hike at its subsequent meeting in May, due to concerns about inflation. The dollar index, which measures the greenback against six major peers was at 99.108, not far off the 99.415 touched a week ago, its highest level since May 2020.
The return of risk sentiment to markets, partly on the back of hints of a negotiated end to the war in Ukraine, has also taken away some of the support for the safe-haven Japanese currency.
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