US dollar up at 137.04 yen with the euro struggling at $1.003 after losing 2.2 percent last week
Japanese yen and US dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken on June 16, 2022.
"We expect a reminder that more tightening is needed and there is still a lot of progress to be done on inflation, but no explicit commitment to a specific rate hike action for September," said Jan Nevruzi, an analyst at NatWest Markets.Futures are fully priced for another hike in September with the only question being whether it will be 50 or 75 basis points.
Bank of America's latest survey of investors found most were still bearish though 88 percent did expect lower inflation over time, the highest percentage since the financial crisis. "The USD can track above 110.00 week if the August flash PMIs for the major economies show a further slowing in economic growth," said Joseph Capurso, head of international economics at CBA, referring to surveys of manufacturing due on Tuesday.
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