The yen edges closer to 150 intervention zone ahead of the Bank of Japan policy meeting with political leaders.
The US dollar index touched 106.10, its highest since November, and analysts anticipate further gains towards 107.20.
Rates markets are priced for an almost 40% risk of another Fed hike this year, against slimmer chances for another rise in Europe, and the difference has helped prop up a dollar many had bet would swiftly fall once short-term rates peaked. It fell to a six-month low of US$1.2195 overnight and traded only a whisker above that level early in the Asia session.“From here it eyes levels around 107.20,” said analysts at Australia’s Westpac bank. “Few currencies will resist the bullish dollar macro resiliency theme and the euro and Chinese yuan look more vulnerable than most.”
The yen has slowly but inexorably slid toward the 150-per-dollar mark as policymakers stuck with ultra-easy settings. The psychological level is seen as a likely red line for the finance ministry, whose warnings of possible intervention have stepped up in recent weeks.The yen hit 148.97 to the dollar on Monday and last traded at 148.72.
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