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Asian currencies traded mixed on Thursday as the U.S. dollar remained near a seven-week high following the Federal Reserve’s first interest rate increase in three years. The Japanese yen stayed near a two-week low as investors awaited the Bank of Japan’s policy decision on Friday.
The U.S. Dollar Index hovered around 100.30 after gaining 0.7% overnight. The Fed unanimously voted to raise its benchmark rate by 25 basis points to 3.75%-4.00%, while policymakers projected another increase before the end of 2026.
Rate futures now indicate roughly a 90% probability of another 25-basis-point hike by year-end. Markets increasingly expect the next move at the Fed’s December 9 meeting rather than October 28. Fed Chair Kevin Warsh declined to provide his own rate projections and maintained his opposition to forward guidance.
USD/JPY traded around 156.08, down 0.12%, after reaching 156.32 earlier. The yen remains near a two-week low despite hitting a seven-month high last week. Markets expect the BOJ to raise its policy rate on Friday to a 31-year high as persistent inflation and elevated oil prices increase pressure on policymakers.
Investors will closely watch BOJ Governor Kazuo Ueda for signals on future rate hikes. Recent yen strength has been supported by expectations for tighter Japanese monetary policy, Japan-U.S. currency intervention and potential repatriation of overseas investments.
Sterling was also in focus ahead of the Bank of England’s decision, with GBP/USD near 1.3377. The European Central Bank raised its three key rates by 25 basis points last week amid higher energy-driven inflation risks.
China’s yuan remained resilient, with USD/CNH and USD/CNY near 6.71 as Beijing expanded yuan-linked foreign-exchange clearing to encourage direct trading and reduce reliance on the dollar.
Elsewhere, USD/KRW gained 0.2% to 1,379.63 and USD/IDR rose 0.6% to 17,755.1. USD/INR fell 0.2% to 95.921, while USD/MYR advanced 0.4% to 4.0977. AUD/USD gained 0.3%, while the Singapore dollar and New Zealand dollar strengthened modestly.
