USD/JPY struggles below 136.00 as yields, BOJ chatters join recession, covid woes – by anilpanchal7 USDJPY Coronavirus Recession Fed BOJ
US Treasury bond yields recover as China’s covid conditions worse, recession fears escalate.Second-tier Japan data, US ADP Employment Change could direct intraday moves, risk catalysts are the key.snaps a three-day uptrend, retreating to 135.70 during Thursday’s Asian session. The yen pair’s latest weakness could be linked to the pullback in the US Treasury yields, as well as hawkish hopes from the Bank of Japan amid a sluggish session.
That said, Shanghai recently reported a big jump in the daily covid cases to 32 locally transmitted confirmed cases. The same propels lockdown fears, previously propelled by China’s order of mass testing. Elsewhere, the Bank of Japan is expected to revise its inflation forecast to the north, which in turn teases the central bank hawks. However, the BOJ turned down any such moves by reiterating its commitment to easy money policies. It should be noted that the Japanese media mentioned that the BOJ is likely to consider lowering itsOn a broader front, the yield curve inversion, a condition where near-term bond yields are higher than the longer-dated ones, appears to highlight the recession fears.
Amid these plays, the US Treasury yields fade the previous day’s recovery from the monthly low whereas the S&P 500 Futures drop 0.20% by the press time. To sum up, Japan’s preliminary readings of the Coincident Index and Leading Economic Index for June may entertain USD/JPY traders ahead of the US ADP Employment Change for June, expected 200K versus 128K prior. However, major attention will be given to the risk catalysts and yields for clear directions.A successful rebound from the two-week-old support line, around 135.00, keeps USD/JPY buyers hopeful of refreshing the multi-year high, currently around 137.00.
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