Investing.com-- Most Asian currencies moved little on Monday as markets turned cautious before a Federal Reserve meeting this week, while the Japanese yen rebounded after sinking to new 34-year lows earlier in the day.
The reason for the pair’s decline was not immediately clear, although it could be potentially linked to government intervention. Japanese markets were closed for a holiday. But while the yen marked a strong rebound on Monday, the scope for more gains in the currency remained limited, especially ahead of a Fed meeting this week.
The prospect of higher-for-longer rates bodes poorly for Asian markets- a notion that kept most regional currencies to a tight range on Monday.pair rising 0.8% on speculation that a hotter-than-expected first-quarter inflation reading will attract more interest rate hikes from the Reserve Bank of Australia.
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