By Rae Wee <\/p>\n
SINGAPORE, July 7 (Reuters) – The yen weakened anew on Tuesday as traders grew emboldened to push the currency lower with no sign yet of intervention by Japanese \u200cauthorities, though the risk of a surprise yen-buying move by Tokyo kept losses in \u200ccheck. <\/p>\n
The yen struggled on the weaker side of 162 per dollar in early Asia trade and languished near its lowest level \u200bagainst the British pound since 2007 at 217.09, having slid to a new low overnight. <\/p>\n
The euro last bought 185.47 yen, following a 0.5% rise in the previous session. <\/p>\n
“There had been speculation at the end of last week that Japan could intervene again to support the yen during the U.S. holiday when trading conditions \u200cwere less liquid, but no action \u2060has been taken, contributing to the yen giving back some of its recent gains,” said Lee Hardman, senior currency analyst at MUFG. <\/p>\n
The yen found some support late \u2060last week as traders grew wary of a possible shift in Japan’s intervention strategy, though they said the currency’s sudden jump on Thursday was not indicative of official action. <\/p>\n
FED HIKE BETS RECEDE <\/p>\n
In the broader market, the \u200bdollar \u200bwas on shaky ground as investors continued to pare \u200bback expectations of U.S. rate hikes this \u200cyear following an underwhelming jobs report that came in far below expectations. <\/p>\n
The euro edged a touch higher to $1.1442, extending gains from overnight, while sterling rose to a more than two-week high of $1.34005. <\/p>\n
Against a basket of currencies, the dollar was last at 100.86. <\/p>\n
Investors are now pricing in roughly 29 basis points worth of Federal Reserve rate hikes by December, down from about 38 bps a week ago. <\/p>\n
“I think current \u200cmarket pricing is probably a little bit underpriced… we still \u200bthink that the FOMC will have to start tightening from \u200bDecember… markets are thinking that the rate-hiking \u200bcycle will start a little bit sooner than we expect, but the extent \u200cof the (hikes) is still below our expectations,” said \u200bCarol Kong, a currency \u200bstrategist at Commonwealth Bank of Australia. <\/p>\n
Focus now turns to the minutes of the Federal Open Market Committee’s (FOMC) June meeting on Wednesday for clues about the rate outlook. <\/p>\n
“We know that (Chair Kevin) Warsh \u200bdoesn’t like providing forward guidance, so \u200cI think the minutes tomorrow will probably be less informative than previous minutes,” Kong \u200bsaid. <\/p>\n
In other currencies, the Australian dollar steadied at $0.6955, while the New Zealand dollar rose \u200b0.02% to $0.5702. <\/p>\n
(Reporting by Rae Wee; Editing by Jamie Freed) <\/p>\n","protected":false},"excerpt":{"rendered":"By Rae Wee SINGAPORE, July 7 (Reuters) – The yen weakened anew on Tuesday as traders grew emboldened…\n","protected":false},"author":2,"featured_media":528799,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,4404,85,241529,46,1437,135063],"class_list":["post-528798","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-currency","tag-il","tag-intervention-strategy","tag-israel","tag-japan","tag-japanese-authorities"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/528798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=528798"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/528798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/528799"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=528798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=528798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=528798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}