Dollar Strengthens, Yen Near 7-Month High Ahead of Fed and BOJ Meetings

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The US dollar strengthened while the yen traded near its strongest level in seven months, ahead of monetary policy meetings at the US Federal Reserve on Wednesday and the Bank of Japan on Friday, with markets widely expecting both to raise interest rates. Data from CME FedWatch showed investors pricing in an 86% chance that the Fed will raise rates at this week's meeting, after US consumer inflation accelerated in August. The yen weakened 0.3% to 154.03 per dollar but remained not far from 152.89 per dollar, its strongest level in seven months reached last week, as speculators turned net long on the yen for the first time since February. Meanwhile, Brent crude jumped 3% to 107.60 dollars per barrel after new Houthi attacks on Saudi Arabia and Iranian attacks on ships in the Gulf, compounding supply concerns after a key Saudi oil pipeline was shut down. The dollar index, which measures the dollar against a basket of six major currencies, rose 0.12% to 99.22.

Impact on stocks 3

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％Effective Federal Funds Rate
EFFR
▲ PositiveMonetaryrelevance

Markets price an 86% chance the Fed raises rates this week after August inflation accelerated, pushing the policy rate/yield up.

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