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14 Mar 2022

Dollar Drops but Persists against Yen before Fed Monetary Policy Meeting

The Index Today

The dollar inched down on Monday, but reached a five-year high against Japan’s yen as central banks across the world prepare to meet throughout the week to discuss monetary policies, especially the U.S. Federal Reserve which is set to institute the first interest rate hike for this year by a quarter point.

The U.S. Dollar Index dipped by 0.2% to 98.993 at 3:10am ET (0810 GMT). The USD/JPY and EUR/USD pairs jumped by 0.4% and 0.3% to 117.75 and 1.0941 respectively, while the GBP/USD pair inched up by 0.1% to 1.3049. The AUD/USD pair plummeted by 0.5% to 0.7252 while the USD/CNY pair climbed by 0.3% to 6.3592.

Bannockburn Global Forex’s Chief Market Strategist Marc Chandler contended that “the yen is trading more like a carry-play and less like a risk-off haven.” He also, however, added, “The fog of war and the anticipated hike by the Fed on March 16 keeps the euro on the defensive.”

©Photo: Financial Times

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