Japanese yen selling continued throughout the day, with the currency being one of the worst performing of the day. The dollar managed to claw back its losses from Monday, no doubt aided, in some part, by the yen selling. The general mood in markets was buoyant as well, with equities continuing to make gains.
*Daily move - against G10 rates at 7:00 am, 28.05.25
** Indicative rates - interbank rates at 7:00 am, 28.05.25
The Reserve Bank of New Zealand cut rates by 0.25%, as was widely expected, but there was one dissent in the decision from Governor Hawkesby. The governor was less dovish than expected, leading to a stronger New Zealand dollar this morning.
USD has continued yesterday's gains, starting the day stronger across the board, and we are seeing GBP marginally weaker this morning.
Fed Kashkari is speaking later today and we have the latest Fed meeting FOMC minutes.
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