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Asian currencies strengthened on Friday, led by a sharp rally in the Japanese yen as the U.S. dollar weakened following dovish comments from Federal Reserve Governor Christopher Waller.
The yen was heading for a weekly gain of roughly 2.5%, its strongest performance since late July. USD/JPY rose 0.3% to 156.36 after earlier falling to 155.25, close to the 155.2 level reached following Japan and the United States’ joint currency intervention in July.
The U.S. Dollar Index hovered around 99.06 but remained on course for a 0.7% weekly decline. Pressure on the greenback increased after Waller indicated he could support keeping interest rates unchanged if incoming inflation data confirmed that price pressures were easing.
Markets subsequently lowered the probability of a Federal Reserve rate hike in September to around 50% from roughly 63% a day earlier. Investors are now focused on Friday’s U.S. payrolls report, with economists forecasting 56,000 jobs were added in August following a 23,000 decline in July. The unemployment rate is expected to remain at 4.1%.
The yen also benefited from expectations that the Bank of Japan could adopt a more hawkish stance at its September 17-18 policy meeting. Japan’s top currency diplomat, Atsushi Mimura, said authorities remained alert to foreign-exchange movements and continued communicating with U.S. officials.
Elsewhere in Asia, the Chinese yuan traded broadly flat against the dollar but remained supported by the weaker greenback. USD/KRW slipped 0.05% to 1,355.65, while the Indian rupee extended its weekly recovery.
The New Zealand dollar strengthened, with USD/NZD falling 0.3% to around 1.70 after the Reserve Bank of New Zealand raised rates by 25 basis points to 2.75% earlier this week.
The Australian dollar also edged higher after data showed Australia’s economy expanded 0.4% in the June quarter and 2.1% year over year.
Meanwhile, Malaysia’s ringgit weakened slightly after Bank Negara Malaysia kept its Overnight Policy Rate unchanged at 2.75%, citing persistent inflation risks linked to elevated energy costs.
