Yen heads for strongest week in 3 months as carry trades unwind
SINGAPORE - The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations.
On Friday, the yen was last at 153.625, set for a 2.3% rise for the week, its biggest weekly gain since late April-early May as a global stocks rout also drove investors towards safe assets, including yen. Investor attention on Friday will be on the U.S. personal consumption expenditure data - the Federal Reserve's favoured measure of inflation. The PCE data is expected to come in at 0.1% on a monthly basis.
Data on Friday showed core inflation in Japan's capital accelerated for a third straight month in July, keeping alive expectations of a near-term interest rate hike."The pressure on the Bank of Japan to tighten policy has reduced," said Ben Bennett, Asia-Pacific investment strategist at Legal and General Investment Management., which measures the U.S. unit versus six rivals, was little changed at 104.35. The euro was a tad stronger at $1.0853 but is down 0.
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