The Japanese yen rose to its three-week height against the U.S. dollar on Monday as speculation mounted about what lies ahead for the central bank of the U.S. regarding monetary stimulus measures, according to Bloomberg.
The yen rose as three cities’ leaders of the U.S. Federal Reserve prepare for speaking engagements early this week that are likely to shed light on the body’s next moves. The chief of the Atlanta Fed is slated to speak on Monday and the presidents of the Philadelphia and Dallas, Texas Feds – both of whom are members of the Federal Open Market Committee – are scheduled to speak on Tuesday. The Fed’s denouement for stimulus measures might become more clear with the leaders’ remarks.
“The catalyst for dollar-yen higher is probably going to have to come from Japan,” strategist Sacha Tihanvi with Scotiabank in Hong Kong told Bloomberg on the first day of the trade week.
The Japanese yen rose 0.8 percent against both the world’s reserve currency and the common currency of the European Union. The yen pushed to its one-month high against the greenback during the trade session on Monday.