The USD/JPY pair trades in a limited range around 157.00 in Monday’s American session.
USD/JPY holds strength near 157.00 as the US Dollar strengthens ahead of the Fed ’s policy. Traders pare Fed rate-cut bets quickly after strong US NFP report. The BoJ is expected to shrink its asset purchase towards easing policy further. The asset turns sideways after a strong recovery that was driven by strong United States Nonfarm Payrolls for May, which highlighted robust labor demand and strong wage growth.
Fed policymakers want to see inflation declining for months to be sure about rate cuts. The market sentiment turns risk-averse as investors see the Fed delaying rate cuts later to November or December meeting. The S&P 500 opens on a negative note as the Fed is expected to deliver only one rate-cut this year. 10-year US Treasury yields jump to 4.45%. The US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps to near 105.30.
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