The US dollar, meanwhile, eased slightly lower from a six-month peak against major currencies last week.
The euro gained 0.3% to US$1.0695 after hawkish ECB policymakers comments raised European government bond rates.
The euro eked out a slight gain to trade at US$1.0695, having risen 0.3% in the previous session as ECB officials suggested further rate increases were on the cards — comments which boosted euro zone government bond yields. This stash of money dulls the impact of the ECB’s rate hikes by reducing competition for deposits and results in hefty interest payments — and ensuing losses — by some central banks.
“Our sense is that the BOJ needs ammunition in order to back itself in terms of any shift or even any guidance for potential shift in policy over the coming six months to the next year,” said Catril. Against the greenback, the Aussie rose 0.12% to US$0.6445, while the New Zealand dollar gained 0.11% to US$0.5924.Money markets expect the Fed to keep rates on hold at its upcoming meeting, according to the CME FedWatch tool, though focus will be on the central bank’s forward guidance.
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