Currencies were in limbo on Monday as holidays in most of Asia made for thin trading, while traders braced for a packed week of central bank meetings that would offer the latest guidance on future rate hikes across continents.
Activity in the foreign exchange markets was subdued due to the Labour Day holidays in Singapore, Hong Kong and mainland China. Japan, Australia, and New Zealand are the only centres open in Asia.
The Japanese yen slid 0.2% to 136.67 per dollar on Monday, extending its post-BOJ slump. The Bank of Japan on Friday stood pat on its monetary policy, sending the yen 1.7% lower in the biggest daily drop since early February. The Australian dollar was also on the defensive on Monday, easing 0.1% to $0.6610. The currency fell 1.1% last week to a seven-week low of $0.6573, but has found strong support at the March trough of $0.6564.The kiwi jumped 2.3% on the yen on Friday as the prospects of higher rates, with the Reserve Bank of New Zealand set to raise rates further this month, attracting some buyers.
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