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The Japanese yen strengthened modestly against the U.S. dollar on Monday, as traders largely overlooked weaker-than-expected Japan GDP data while reassessing the outlook for Federal Reserve interest rates.
The yen gained 0.2% to around 159.055 per dollar, putting it on course for a second consecutive session of modest gains. The currency nevertheless remained within its recent trading range after data showed Japan’s economy expanded at an annualized rate of 1.1% in the second quarter.
Capital Economics described the GDP figures as mixed, noting that economic activity maintained a reasonable pace while government measures continued to limit the impact of higher energy prices. A rise in government consumption also indicated that Prime Minister Sanae Takaichi’s expansionary fiscal policies may be gaining traction.
Elsewhere in forex markets, the euro was little changed at $1.1573, while the British pound gained 0.1% to $1.3546. The Australian dollar traded at $0.7085, and the New Zealand dollar remained near $0.5891.
Recent weaker U.S. economic indicators, including nonfarm payrolls and consumer and producer inflation data, have reduced expectations for additional Federal Reserve rate hikes in 2026. Fed funds futures showed a 66.9% probability that policymakers will leave rates unchanged at the meeting ending September 16, compared with 47.6% a month earlier.
The U.S. Dollar Index slipped 0.1% to 99.519, hovering near its lowest level this month. Investors are now looking toward the Federal Reserve’s Jackson Hole symposium from August 27-29 for further signals on U.S. monetary policy.
Oil markets were volatile amid stalled U.S.-Iran negotiations and continued disruption to shipping through the Strait of Hormuz. Brent crude fell 0.1% to $88.48 per barrel as geopolitical tensions kept energy markets on edge.
The dollar was steady against China’s offshore yuan at 6.7428 ahead of upcoming Chinese economic activity data.
Cryptocurrency prices also moved lower, with Bitcoin falling 0.3% to $62,854.48 and Ether declining 0.3% to $1,874.80.
