© Reuters. The yen eased in morning trade on Monday
Investing.com – The eased in morning trade on Monday as a modest improvement in risk appetite and strengthening equity markets saw the safe-haven currency lost ground.
More guidance for direction in Asia’s market is expected in the following days, as Federal Reserve’s new chair Jerome Powell would be giving his first speech at the Congress on Tuesday, while a barrage of data from Japan is also due this week, including retail sales and industrial production Wednesday, capital spending Thursday and unemployment and household spending Friday.
The that tracks the greenback against a basket of currencies last stood at 89.65 at 9:30pm ET, down.19%. It once broke the 90 handle last week thanks to the upbeat tone of the Fed’s January minutes published last week, but then lost its rally.
All eyes will be on the US monetary policy this week, as Powell is to testify on the economy and monetary policy before the House Financial Services Committee on Tuesday, then Thursday before the Senate Banking Committee. His remark is expected to be the key of the FOMC meeting in March.
Against the yen, the dollar eased 0.22%% to 106.56. The pair first changed hands at 107.03 when the market opened, then dropped modestly and traded in the upper 106 yen-range. The pair closed at 106.79 last Friday.
Data to watch out this week that will influence the yen’s direction include the leading economic index due today, January’s industrial production and retail sales due Wednesday and capital spending on Thursday.
The pair traded in green at 0.7860, up 0.28%. Last week the commodity-reliant AUD generally slid but slightly bounced at the end following the spike in gold. Attention this week will be on the New Home Sales due Tuesday, AiG Manufacturing Index due Wednesday and the Q4 private capital expenditure numbers due Thursday.
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