The dollar dozed in a snug band on Monday as Japan kicked off a week of holidays...
SYDNEY - The dollar dozed in a snug band on Monday as Japan kicked off a week of holidays, giving investors an extra excuse to idle ahead of a Federal Reserve policy meeting and a raft of global data including on U.S. core inflation and payrolls.
All eyes are on the Fed to see what its policymakers made of a first-quarter gross domestic product report that showed strong growth of 3.2 percent, but largely for one-off reasons including a surge in inventories. “The single biggest macro issue at the moment concerns Fed policy and whether inflation is soft enough to justify an ‘insurance’ rate cut - or two,” said analysts at JPMorgan.
Yet the dollar is hardly alone given pretty much every other major central bank has also turned dovish in recent months, keeping their currencies subdued. The Bank of Japan last week pledged to keep its policy super easy for at least another year, in an effort to dispel talk it was wavering in its commitment.
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