TOKYO: The dollar steadied on Monday, edging away from four-month lows against the yen plumbed in the previous session as investors turned their focus from political turmoil in Washington to the Federal Reserve´s annual central banking conference in Wyoming.
The dollar was flat on the day at 109.22 yen, after slipping to as low as 108.605 yen on Friday on concerns over President Donald Trump´s ability to push through tax reform and stimulus measures. It largely shrugged off the University of Michigan´s consumer sentiment index, which improved to its strongest in seven months, reflecting confidence in the outlook for the economy and in personal finances as the U.S. stock market holds near record highs. Reports of the impending departure of senior White House adviser Stephen Bannon, known for his economic nationalist views, were confirmed on Friday.
Trump´s decision to fire Bannon could undermine his support from far-right voters but might ease tensions within the White House and with party leaders. "In the end, the yen made ´buy-the-rumour, sell-the-fact´ moves on Bannon´s departure, and the net effect might be neutral as the market has already moved on and is focusing on Jackson Hole," said Mitsuo Imaizumi, chief FX strategist at Daiwa Securities in Tokyo.
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