Forex - Yen a tad weaker ahead of BoJ minutes, U.S. debates eyed
Published Sep 26, 2016 07:28PM ET
Yen a tad weaker ahead of BoJ minutes
Investing.com - The yen was a tad weaker in Asia on Tuesday with investors looking ahead to minutes from the Bank of Japan and the first debate between the two lead candidates in the U.S. presidential election.
USD/JPY changed hands at 100.37, up 0.04%, while AUD/USD traded at 0.7637, up 0.01%.
In Japan, the corporate service price index for August is due year-on-year, compared to a 0.3% gain expected. The Bank of Japan will also release minutes from its monetary policy board meeting.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 95.21.
Market participants were also looking ahead to the highly-anticipated U.S. Presidential debate between Hillary Clinton and Donald Trump, scheduled on Monday evening.
Overnight, the dollar remained broadly lower against the other major currencies on Monday, even as data showed that U.S. new home sales fell less than expected last month, as the Federal Reserve’s latest policy decision continued to weigh on the greenback.
The U.S. Commerce Department said new home sales declined by 7.6% to 609,000 units last month, compared to expectations for a drop of 8.8% to 600,000.
New home sales in July were revised up to 659,000 units from a previously reported 654,000 units.
Meanwhile, markets were still recovering from the Fed’s decision to leave interest rates unchanged at the conclusion of its policy meeting last Wednesday, although it hinted that a hike could come in December if the job market continued to improve.
The yen strengthened after Bank of Japan Haruhiko Kuroda said the central bank remained ready to use every available tool to achieve its 2% inflation target, including additional stimulus measures.
The BoJ made an unexpected shift last week to targeting interest rates on government bonds.
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Written By: Investing.com
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