Yen edges up as traders push back Fed rate hike bets
The yen maintains modest gains despite weaker-than-expected Japanese GDP data, on track for a second straight day of advances.
The Japanese yen experienced a slight upward trend against the US dollar, holding steady at 159.055 yen per dollar as of the latest data. This change came as traders seemed to disregard Japan's slower-than-anticipated economic growth, which came in at an annualized rate of 1.1% for the second quarter. The mixed GDP figures reflected a positive growth pace, aided by government spending, but also pointed to the government's ongoing efforts to mitigate the impact of rising energy costs.
Meanwhile, the euro remained unchanged against the dollar, while the British pound saw a modest gain of 0.1% against the greenback. On the commodity front, Brent crude oil experienced mixed movements, while the US dollar index slipped to its lowest point in the month, signaling a weaker dollar relative to its peers. The ongoing uncertainties surrounding US-Iran talks and fluctuating oil prices continued to add complexity to global markets.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
