SINGAPORE, Sept 22 ― The yen was held at the mercy of soaring US Treasury yields today ahead of a closely watched rate decision by the Bank of Japan (BoJ), while the dollar...
SINGAPORE, Sept 22 ― The yen was held at the mercy of soaring US Treasury yields today ahead of a closely watched rate decision by the Bank of Japan , while the dollar stood near a six-month peak on the prospect of higher-for-longer US rates.
“Whilst we feel more confident that can achieve their 2 per cent target, we believe there won't be any changes until 2024, with key focus the Shunto negotiations starting next year,” said Daniel Hurley, portfolio specialist for emerging market and Japanese equities strategy at T. Rowe Price. The 10-year Treasury yield, which the dollar/yen pair tends to track, peaked at 4.4980 per cent yesterday, its highest since 2007, while the two-year Treasury yield scaled a 17-year top of 5.2020 per cent the same day.
The New Zealand dollar similarly slipped 0.06 per cent to US$0.5928, though eyed a weekly gain of close to 0.5 per cent. “The US dollar will do well, supported by the hawkishness of the Fed, the reduction in the expected number of rate cuts the Fed will deliver in 2024, US growth resiliency and our expectations of slower growth in the Euro area relative to the US.”
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