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Yen Remains Weak While Greenback Firms

FOREX

The yen extends recent losses as U.S. Tsy yields have edged higher in early cash dealing. The rate almost matched its recent multi-year highs on Tuesday, even as the government ramped up its verbal warnings surrounding rapid yen depreciation.

  • Major currency pairs have generally been rangebound, with the USD having an edge over most of its peers. The DXY has lodged its best levels since mid-2020.
  • The RBNZ conducts its monetary policy review today and is widely expected to raise the OCR, although analysts are split about the magnitude of the imminent hike.
  • The BoC is also set to deliver its monetary policy decision, with most looking for a 25bp rate hike. It will come alongside the Bank's Quarterly Monetary Policy Report.
  • Elsewhere, BoJ's Kuroda is due to speak today, while key data releases include UK inflation figures & China's trade balance.
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