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Greenback slips against Japanese yen ahead of major banks

On Wednesday, the US dollar traded lower against its primary Japanese counterpart, with many traders staying away from opening new positions ahead of monetary policy gatherings in Japan and the USA.

At the same time, the Australian dollar slumped following the country’s low first-quarter inflation report. 

The major American currency traded ¥111.05 ahead of upcoming central bank events. 

Market participants were mainly hanging around on the sidelines before the Fed concludes its long-awaited two-day monetary policy meeting on Wednesday. Obviously, traders will subsequently shift their attention to the BOJ’s policy gathering outcome expected on Thursday. 

In spite of the fact, the Fed is mostly expected to stand pat, market expectations are still high for the BOJ to proceed with its easing measures. 

The vast majority of market participants are reluctant to make big moves in the financial markets as they currently prefer a wait-and-see stance. 

   

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