USD/JPY leads dollar losses on BOJ hike bets; EUR, GBP modestly lower
USD/JPY was the standout mover at the start of the North American session, down 1.15%. US stock and bond markets were closed for Labor Day, but the forex market remained active. The overall bias was for a weaker US dollar, with the steepest decline against the yen. The source says the euro and British pound were down modestly but gives no specific figures or levels for them. The main catalyst is growing expectations for Bank of Japan tightening. Markets increasingly expect the BOJ to raise rates by 25 basis points next week, with another potential increase later this year. Traders should note that thinner conditions from the US holiday closures could amplify moves. Upcoming BOJ policy decisions remain the key driver for USD/JPY direction.
Related Symbols:
USDJPY
EURUSD
GBPUSD
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