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2026-02-17 17:13:08
[Yen Rebounds Strongly to Recover Losses, Dollar Holds Steady Awaiting Fed Minutes] ⑴ On Tuesday, the yen strengthened against the dollar and euro, successfully reversing the previous day's losses. Markets anticipate that Prime Minister Shigeru Ishiba's expansionary fiscal policies will continue to support the economy, driving capital inflows back to Japanese assets. As of press time, the yen was up 0.50% against the dollar at 152.80 and up 0.52% against the euro at 180.97. ⑵ Barclays stated that its model shows the fair value of the dollar against the yen is around 140, corresponding to levels before Ishiba won the LDP leadership election last October. The institution believes that assuming the "Ishiba premium" does not fully recede, 150 could be a near-term target. ⑶ The dollar has risen slightly against the euro over the past two trading days, with the market awaiting the release of the Fed meeting minutes and US GDP data later this week for clues about the timing of interest rate cuts. The dollar index rose slightly to 97.12. Commonwealth Bank of Australia strategists noted that the market currently has high expectations for a June rate cut, but anticipates further action in July. (4) Regarding other currencies, the pound fell 0.35% to US$1.3582 as UK unemployment rose to a five-year high and wage growth slowed, reinforcing expectations of further rate cuts by the Bank of England. The euro edged down 0.05% to US$1.1843, and the Australian dollar dipped slightly to US$0.7069. Overall trading was thin as many Asian countries were on holiday for the Lunar New Year, and the US markets were closed on Monday for Presidents' Day.
