Dollar absorbs suspected yen intervention, China data mixed
The U.S. dollar weathered another suspected blast of Japanese intervention to push higher on the yen on Monday, while for equities a drop in Chinese markets took the shine off hopes for an eventual slowdown in U.S. interest rate hikes, Qazet.az rsports.
The dollar started in a bullish mood with an early rush to 149.70 yen , before taking a sudden spill as far as 145.28 in a matter of minutes. Yet speculators seemed undaunted and took the dollar back up to 148.90 in choppy trading.
The Financial Times reported the Bank of Japan may have sold at least $30 billion on Friday in an effort to restrain the yen's weakness, which has sharply lifted the cost of imports, particularly for resources.
Japanese authorities again declined to confirm whether they had intervened, but the price action strongly suggested they had.