The yen was on the backfoot on Tuesday as Japan's new central bank chief signalled patience on any monetary tightening while the euro climbed on prospects of a 50 basis point interest rate hike for the common currency bloc at next week's policy meeting.
The dollar also struggled to make meaningful gains in Asia as fresh bank jitters had traders expecting U.S. interest rate cuts before long.
Futures pricing implies about a 2/3 chance of a 25 bp ECB hike and a 1/3 change of a larger 50 bp rise. The euro has also hit an eight-year high at 148.47 yen as new Bank of Japan new governor Kazuo Ueda has been signalling he isto shift policy. This week's BOJ meeting, which concludes on Friday, is his first in charge.
in the U.S. served as a reminder that stability risks have not entirely died down and prompted traders to renew expectations that the Fed shifts quickly from hiking to cutting.
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