USD/JPY aims to test 140.00 as risk-off profile rebounds, Fed Powell’s speech eyed – by Sagar_Dua24 USDJPY Fed Coronavirus Employment RiskAversion
USD/JPY is marching towards 140.00 as China’s anti-Covid lockdown-inspired fears have triggered negative sentiment.Fed Powell’s speech will provide more clarity on chatters over interest rate action in the December meeting.has sensed a decent buying interest after testing the 139.00 support in the early Tokyo session. The asset is aiming to extend its recovery towards the round-level resistance of 140.00 as the risk-off profile has come in action led by escalating civil risks in China.
Individuals are shouting slogans of ‘XI Jinping Go Down’ as strict Covid-19 restrictions by the Chinese authorities to contain the spread have frustrated the general public. Covid-19 cases in China recorded a massive high of around 40,000 on November 26, therefore, the administration is bound to keep the zero-Covid policy in action.
Escalated anti-Covid protests have triggered the risk of economic slowdown and further risk to already vulnerable real estate demand. Also, the demand for democracy not dictatorship from China’s individuals in a state of anger and frustration due to Covid-19 restrictions has underpinned the risk-aversion theme. has extended its recovery to near 106.32 and is likely to remain solid. S&500 futures have displayed some sell-off in Tokyo, portraying a risk-off impulse in action.
On the Tokyo front, investors are shifting their focus toward the employment data, which is due on Tuesday. The Unemployment Rate is expected to decline to 2.5% vs. the prior release of 2.6%. Also, the Jobs/Applicants ratio is expected to display an improvement.is seen higher at 5.0% while monthly data could show a negative growth of 0.3%.
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