Greenback edges down ahead of Fed gathering
On Monday, the evergreen buck tumbled, rebounding from its three-week peaks against its key Japanese counterpart ahead of central bank gatherings in America and Japan a bit later this week. Meanwhile, the British pound boasted gains.
The currency par USD/JPY dipped 0.36%, trading at 111.31.
The Japanese yen dived 2.1% against the greenback on Friday, right after it had been reported that Japan’s major bank could get down to expanding its negative interest rate policy. Some investors are assured that the bank will stay away from imposing further easing monetary measures as it keeps evaluating the overall impact of its negative interest rate policy adopted in January.
The vast majority of financial analysts expect the Bank of Japan to cut its fresh forecasts for inflation and growth as the strong yen as well as recent severe earthquakes worsen the economic outlook.
Market participants were looking ahead to the conclusion of the Fed’s policy gathering scheduled on Wednesday this week.