The euro clung to gains on Tuesday following hawkish comments from European Central Bank (ECB) policymakers, while the yen languished near a 10-month low ahead of a key rate decision from the Bank of Japan (BOJ) later in the week.
"Our sense is that the BOJ needs ammunition in order to back itself in terms of any shift or even any guidance for potential shift in policy over the coming six months to the next year," said Catril.
Elsewhere, the U.S. dollar edged broadly lower, though strayed not too far from a six-month peak hit against its major peers last week ahead of the Fed's interest rate decision on Wednesday. "The market is fully pricing in a hold and this meeting was always likely to be a pass since the Fed skipped June, effectively moving to an every-other-meeting cadence," said Erik Weisman, chief economist and portfolio manager at MFS Investment Management.
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