Yen stronger as traders cut back bets on Fed rate hike
TLT•Yen gains as Fed hike bets ease
The yen gained momentum against the dollar, largely shrugging off weaker-than-expected Japanese GDP data as traders reined in expectations the Federal Reserve could raise interest rates this year.
The yen JPY= was 0.2% stronger against the U.S. dollar at 158.965 yen, on track for a second straight day of modest gains against the greenback but still firmly within its trading range of the past week, after data released Monday showed Japanese GDP for the second quarter expanded at an annualised 1.1%.
Other major currencies and markets
The euro EUR= was up 0.1% at $1.1582, nearing a two-month high, while the British pound GBP= was 0.2% stronger at $1.3556, approaching its firmest levels since May. The Australian dollar AUD= was 0.2% higher at $0.7096, its strongest level since June, while its kiwi counterpart NZD= advanced 0.3% to $0.5907.
