Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
NEW YORK, Aug 28 - The dollar briefly hit a nine-month high against the Japanese yen on Monday and dipped against a basket of currencies, as investors waited on key data due later this week and kept an eye out for potential intervention to shore up the struggling Japanese currency.
Analysts at Bank of America noted on Monday that the Federal Reserve's foreign reverse repurchase facility and U.S. Treasury securities held in custody have fallen by about $18 billion since August 9, which"may reflect modest intervention activity." Investors also raised bets that the U.S. central bank could hike rates again this year after Fed Chairman Jerome Powell said on Friday that further rate increases may be needed to cool still-too-high inflation, while also promising to move with care at upcoming meetings.
Moves on Monday were relatively small before highly anticipated data this week that includes European inflation and U.S. personal consumption expenditures data on Thursday, and the U.S. jobs report for August on Friday. The single currency was last at $1.0811, up 0.16% on the day, after falling to $1.07655 on Friday, the lowest since June 13.
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