top of page

Title: Dollar Up, Yen Down as BOJ Continues Dovish Stance

  • Writer: analysiswatch
    analysiswatch
  • Mar 28, 2022
  • 2 min read

Mar 28, 2022 12:20AM ET


By: AnalysisWatch


The dollar strengthened in Asia on Monday morning. The Japanese yen continued its downward trend after the Bank of Japan (BOJ) intervened in the market to defend its implicit interest rate cap. So far this year, bitcoin has climbed to near its highest levels.


At 12:11 p.m. ET, US dollar index futures, which track the greenback against a basket of other currencies, were up 0.35% at 99.170.


The USD/JPY pair was up 0.83% at 123.07.


The pair AUD/USD rose 0.21% to 0.7528, while the pair NZD/USD fell 0.29% to 0.6950.


The USD/CNY pair rose 0.13% to 0.6748, while the GBP/USD pair fell 0.26% to 1.3154.


Although rising commodity prices have hurt the yen recently, they have boosted commodity currencies. The Australian dollar was near the previous week's four-month high, while its Canadian counterpart was at 1.2496 per dollar, close to Friday's two-month high.


Australia will also present its budget on Tuesday. Finance Minister Josh Frydenberg said on Sunday that the budget would be a "very significant material improvement" to the government's balance sheet.


However, the latest COVID-19 outbreak could be a potential headwind for Australia's currency as Shanghai has imposed a curfew to stem the rising number of cases in the city. The dollar gained 0.17% against the offshore yuan on Monday morning, rising to 6.394.


The latest US labor market report, which includes non-farm payrolls, will be released on Friday.


However, the data is not expected to have a major impact on US interest rate expectations or the dollar, as the market has already braced itself for several rate hikes in 2022.


In cryptocurrencies, bitcoin was near $46,800 after rising as high as $47,766 in early trading, its highest level since early January 2022.

 
 
 

Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page