Mon. Nov 28th, 2022

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Yen climbs two weeks high on Fed forecast

1 min read
japanese yen

The dollar and the yen both found support on Wednesday as traders finessed positions ahead of a U.S. Federal Reserve policy decision, while the Chinese yuan held gains as the outlook brightened for the world’s second-largest economy.

Later in the day the Fed concludes its first meeting since adopting a more accommodative approach to inflation.

Yen buying reflects a belief that the bank may act on that stance, and weaken the dollar with further stimulus, while broader dollar support points to caution about such a bet.

The yen was last at a two-week high of 105.26 per dollar. Against other majors, the dollar crept higher after recouping a Tuesday dip though moves in morning trade were pretty small.

The Australian dollar edged down 0.1% to $0.7294 and the New Zealand dollar was a fraction softer at $0.6708. The euro drifted down to $1.1837.

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