The yen edged steadily higher on Monday following a volatile session at the end of last week after the Bank of Japan (BOJ) loosened its grip on interest rates, and was on track to reverse three consecutive months of loss.
That sent the yen into a tailspin as traders tried to determine theof the move. The dollar eventually ended the session with a 1.2% gain against the Japanese currency, though that was after it had slid 1% to a session-low of 138.05 yen.
"They've given themselves all the flexibility should they wish to tighten policy in the future without tidal waves in global bond markets." "All of the data continues to support a 'Goldilocks' scenario in the U.S. economy," said currency strategist Carol Kong at Commonwealth Bank of Australia . The euro rose 0.05% to $1.1020 and was eyeing a monthly gain of about 1%, though last week's European Central Bank policy meeting similarlySterling gained 0.04% to $1.2854, ahead of the Bank of England's policy meeting this week whereIn Asia, China's July purchasing managers index figures are due later on Monday, which will provide further clarity on the state of the world's second-largest economy.
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