SINGAPORE : The dollar was steady on Monday as traders looked ahead to a week dominated by central bank meetings worldwide, with the Bank of Japan seemingly on the brink of ending negative rates and the focus on how many rate cuts the Federal Reserve projects.
FILE PHOTO: Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo
Internal preparations for an exit have been in the works since Kazuo Ueda took office as BOJ governor in April last year, and were mostly done by year-end, sources familiar with the bank's thinking told Reuters. There is a possibility that the BOJ may choose to wait till its April meeting to make the move, with markets pricing in 39 per cent chance of the central bank moving on Tuesday.
The euro was down 0.04 per cent to $1.0883, while the sterling was last trading at $1.2729, down 0.08 per cent on the day ahead of the Bank of England meeting on Thursday when the central bank is expected to stand pat on rates. Traders are now pricing in 72 basis points of cuts this year, with 56 per cent chance of the first rate cut coming in June, according to CME FedWatch tool.
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