The U.S. dollar got the week off to a strong start on Monday, rising to a one-year high of 151.88 against the yen. The Japanese currency is down almost 14% against the greenback this year.
Following the announcement of cabinet reshuffling by British Prime Minister Rishi Sunak, the pound gained some momentum, rising 0.2% to $1.2254. The euro was also slightly stronger at $1.0684.
As bets on interest rate cuts by the Federal Reserve retreated, Japan’s Finance Minister Shunichi Suzuki simply revealed that his country’s central bank would continue to monitor the inflation situation and respond accordingly. Japan’s inflation slipped below 1% for the first time since two and a half years ago as cost pressures that drive up prices appeared to be fading.
