Dollar, yen rise as risk sentiment declines ahead of Fed

TOKYO: The safe-harbour yen and dollar started the week firmer against riskier currencies like the Aussie as rising COVID-19 cases and a decline in Asian equities set a cautious tone ahead of the Federal Reserve's meeting this week.

The dollar index, which measures the currency against six major peers, slipped slightly to 92.833 due to pressure from the euro and yen, but was still close to last week's 3-1/2-month high of 93.194. "Removing 'substantial' will signal the FOMC believes it will soon be appropriate to taper asset purchases," setting up a possible announcement of a taper in September, he said.

The risks from the Delta variant continue to rise globally, with top infectious disease official Anthony Fauci saying some Americans may need booster shots amid new mask mandates and a surge in new cases. Meanwhile, MSCI index of Asia-Pacific stocks excluding Japan sank 2per cent on Monday, as Chinese blue chips slumped 3.8per cent.

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