Alain reaches 7-month high

The Japanese yen continued its rise to reach its highest level in seven months against the US dollar, driven by an accelerated unwinding of interest rate trades and yield spreads, as well as increasing expectations of a more hawkish monetary policy from the Bank of Japan—especially as the dollar steadies ahead of the release of key US inflation data. The yen surged during trading to break the 153 mark, ending at its highest level since July, rising over 4.5% compared to the 160 level recorded at the beginning of the week. The market is still monitoring the upcoming US Consumer Price Index figures later this week to guide Federal Reserve decisions for the rest of the month.

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