USD/JPY eases from three-day high amid weaker USD, up a little around 135.00 mark – by hareshmenghani USDJPY BOJ Fed Inflation Currencies
uying. Spot prices retreat a few pips from a three-day top and trade around the 135.00 psychological mark during the early part of the European session.
The minutes of the last Bank of Japan policy meeting held on March 9-10 showed that members supported the continuation of policy easing in order to achieve steady inflation. Apart from this, a generally positive risk tone undermines the safe-haven Japanese Yen and acts as a tailwind for the USD/JPY pair. Somepolicymakers, meanwhile, saw positive signs towards achieving the price target and said that the central bank must be vigilant to the risk of inflation accelerating more than expected.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, languishes near the monthly low amid growing acceptance that the Federal Reserve is approaching the end of its rate-hiking cycles. Moreover, the markets have been pricing in the possibility that the Fed will cut interestduring the second half of this year amid signs that the economy is slowing.
There isn't any relevant market-moving economic data due for release from the US on Monday, leaving the USD at the mercy of the US bond yields. Apart from this, the broader risk sentiment might allow traders to grab short-term opportunities around the USD/JPY pair. The focus, however, will remain glued to the latest US consumer inflation figures, due on Wednesday.
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