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The yen rose against the dollar for a fifth straight session on Monday, with expectations that the Bank of Japan may tighten monetary policy further and unwinding of carry trade profits likely to continue to support the yen in the short term, underpinning the momentum.
Rising geopolitical tensions in the Middle East could benefit the safe-haven yen. Israeli airstrikes on Sunday hit two schools, causing at least 30 casualties, Reuters reported. Additionally, U.S. Secretary of State Tony Blinken said that based on information provided by three people familiar with the matter, Iran and Hezbollah could launch an attack on Israel as early as Monday, Axios reported.
Disappointing job market data on Friday heightened expectations for a rate cut by the Federal Reserve in September, putting pressure on the dollar. The CME Group’s FedWatch tool currently shows a 74.5% chance of a 50 basis point rate cut on September 18, up from 11.5% a week ago.
