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Forex - Yen stronger in Asia as market looks ahead to Fed, BoJ next week

Investing.com -

Investing.com - The yen gained in Asia on Friday in a light regional data day with key central bank meetings in the U.S. and Japan next week holding attention.

USD/JPY changed hands at 102.00, down 0.08%, while AUD/USD traded at 0.7512, down 0.09%.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was last quoted at 95.28.

Overnight, the dollar was little changed against the other major currencies on Thursday after disappointing U.S. retail sales data dampened expectations for a rate hike by the Federal Reserve in the coming months.

The Commerce Department reported that U.S. retail sales fell 0.3% in August, worse than expectations for a 0.1% decline. It was the first decline in five months.

In a separate report, the Department of Labor said the number of Americans filing for unemployment benefits rose less than expected last week, pointing to further tightening in the labor market.

But the Labor Department also reported that U.S. producer prices were flat in August.

The data indicated that the Fed is likely to leave interest rates unchanged. According to Investing.com's Fed Rate Monitor Tool , investors are pricing in just a 12% chance of a rate hike at the Fed's September 20-21 meeting.

Fed Governor Lael Brainard said Monday that the case to tighten monetary policy in the coming months is less compelling.

The Fed raised interest rates for the first time in almost a decade in December.

Expectations of higher interest rates typically boost the dollar by making it more attractive to yield seeking investors.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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