USD/JPY refreshes daily top amid notable USD demand, upside potential seems limited – by hareshmenghani USDJPY Fed Bonds RiskAppetite Currencies
day losing streak. The pair moves further away from a one-week low touched on Wednesday and now trades around the 131.65-131.70 region, up nearly 0.30% for the day.
The US Dollar is seen building on the previous day's bounce from over a two-month low and gaining some follow-through traction for the second successive day, which, in turn, acts as a tailwind for the USD/JPY pair. That said, any meaningful upside still seems elusive amid growing acceptance that the Federal Reserve is nearly done with its inflation-fighting rate hikes.
A larger-than-expected rise in the US Weekly Initial Jobless Claims comes on the back of the disappointing release of the US ADP report on Wednesday and suggests that the Fed's efforts to cool the labor market could be having some impact. The data lifts bets for an imminent pause in the rate-hiking cycle by the US central bank, which keeps the US Treasury bond yields depressed near a multi-month low.
Traders might also prefer to move to the sidelines and wait for the release of the closely-watched US monthly employment data on Friday. The popularly known
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