Dollar steady ahead of inflation reading; yen teeters toward 160
SINGAPORE - The dollar was steady on Monday as traders looked ahead to fresh clues on the U.S. inflation path that will likely influence interest rates, while talk from Japanese authorities did little to temper the yen's decline back the round number of 160.
The yen has come under renewed pressure after the Bank of Japan's decision this month to hold off on reducing bond-buying stimulus until its July meeting. Economists polled by Reuters expect annual growth in the index to slow to 2.6% in May and a soft reading is likely to bolster bets on an interest rate cut as early as September, which futures currently price as a 65% prospect.
The focus through the week will also be on geopolitics, with the first U.S. presidential debate on Thursday and the first round of voting in the French election at the weekend. Christopher Wong, currency strategist at OCBC, said the knee-jerk impact on the euro can vary but is likely to be skewed to the downside, unless the outcome surprises with President Macron's ensemble coalition winning a larger share.
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