SINGAPORE - The dollar was on the front foot on Monday and kept the yen pinned near a multi-decade low, though the threat of currency intervention from Japanese authorities prevented the greenback from heading further north.
"Japanese officials' verbal intervention is making 152 a very strong near-term resistance for dollar/yen," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. A shift in the global rate outlook following a flurry of central bank meetings has breathed new life into the dollar, on expectations that the Federal Reserve is likely to keep rates higher for longer while its peers elsewhere begin easing rates.
"The BoE and ECB have galvanised expectations they will also go in June, with the BoE meeting in May even showing signs it could be a live meeting," said Chris Weston, head of research at Pepperstone. Elsewhere, the Australian dollar edged 0.05% lower to $0.65115, while the New Zealand dollar fell 0.13% to $0.5987.
The yuan has been pressured by growing market expectations of further monetary easing to prop up the world's second-largest economy.7 Things You Should Know If You Deposit More Than $10K Into Your Checking Account
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