In the News

Monex Curbs Its Yen Appreciation Forecast as Dollar Gains on Fed

(Bloomberg) -- Monex anticipates the Japanese yen will be weaker than it had expected, with the firm now projecting it will end the second quarter at 147 to the US dollar and the third quarter at 145.

  • The previous forecast saw stronger yen: 140 in 2Q and 139 in 3Q
    • NOTE: USD/JPY jumped 1% this week, traded near 153 on Friday
  • The shift reflects expectations that the Federal Reserve will hold interest rates higher for longer. Monex sees two rate reductions by the Fed this year, starting in September; it previously expected three cuts, starting July
    • “We added some USD strength across the board”, especially in the second quarter, said Helen Given, a foreign-exchange trader at Monex.
  • For 2Q, EUR/USD forecast at 1.08, GBP/USD at 1.27
    • NOTE: Dollar Eyes Best Run in 18 Months on Fed Rethink, Haven Demand


Reporting by Anya Andrianova; Editing by Sydney Maki and William Selway

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