Japanese Yen Slips Amid Rising Oil Prices and Hawkish Fed Bets
The Japanese Yen is trading lower on Tuesday, moving away from its seven-month low after the US Dollar strengthened. The USD/JPY pair is near 155.20, having risen for a second consecutive day.
The surge in Oil prices has contributed to this increase, pushing up US Treasury yields and lifting the safe-haven Dollar. West Texas Intermediate (WTI) Oil has surged over 3% on Tuesday, feeding into inflation expectations.
Market expectations are leaning towards a 25 basis points hike by the Federal Open Market Committee (FOMC) to 3.75%-4.00%, its first move in five consecutive holds. US Retail Sales for August will be released alongside the decision on Wednesday.