The USD/JPY pair exhibits strength above the crucial support of 149.00 in the early New York session.
USD/JPY clings to gains above 149.00 as the BoJ seems to be delaying plans of exiting an ultra-dovish policy stance. Earlier, large hikes awarded by Japanese firms and stable inflation above 2% boosted BoJ’s rate hike hopes. The US Dollar trades sideways as the focus shifts to Fed policy. The asset clings to gains as market expectations for the Bank of Japan delaying its plans to exit negative interest rates and scrap Yield Curve Control have escalated.
Higher than anticipated China’s exhibit a strong recovery in its domestic economy. S&P500 futures have generated significant gains in the European session, portraying an improvement in the risk appetite of the market participants. The US Dollar Index trades sideways around 103.40 as investors shift focus to the Federal Reserve's interest rate decision, which will be announced on Wednesday. The Fed is expected to keep interest rates unchanged in the range of 5.25%- 5.50%.
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