USD/JPY jumps to 140.00 neighbourhood amid broad-based USD strength, ahead of US data – by hareshmenghani USDJPY Bonds Fed Recession Currencies
rt of the European session. Spot prices climb back closer to the 140.00 psychological mark in the last hour, snapping a three-day losing streak and stalling this week's retracement slide from the 141.00 neighbourhood, or the YTD peak. attracts fresh buyers following the overnight modest pullback from its highest level since mid-March and turns out to be a key factor that assists the USD/JPY pair to regain positive traction.
That said, diminishing odds for another rate hike by the Federal Reserve might hold back the USD bulls from placing fresh bets and cap the USD/JPY pair. In fact, Fed Governor Philip Jefferson said on Wednesday that pausing rate hikes at the next FOMC meeting would offer time to analyse more data before making a decision about the extent of additional tightening. Apart from this, Philadelphia Fed President Patrick Harker also favoured pausing at the next meeting.
This, along with the prospect of Japanese authorities intervening in the markets and the prevalent cautious mood, could lend support to the safe-haven JPY and contributes to keeping a lid on the USD/JPY pair. It is worth recalling that Japan’s Vice Finance Minister for international affairs, Masato Kanda, hinted on Wednesday that authorities may act to curd the sinking Yen, saying that they will closely watch currency market moves and respond appropriately as needed.
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