USD/JPY traces sluggish yields below 136.00, Fed’s Powell, BoJ’s Kuroda in the spotlight – by anilpanchal7 USDJPY YieldCurve BOJ Fed NFP
of the Bank of Japan monetary policy meeting and Federal Reserve Chairman Jerome Powell’s half-yearly Testimony appears the key filters for the Yen pair. Also challenging the quote’s moves could be the latest inaction of the US Treasury bond yields, as well as the mixed signals from China.
It’s worth noting that the receding optimism about the Fed’s hawkish moves and mixed US data, as well as the Fed policymakers’ failure to impress USD/JPY bulls, seem to weigh on the yields of late. Furthermore, China’s expectations of modest growth for 2023 and the Sino-American tension are extra filters for traders.
However, San Francisco Federal Reserve Bank President Mary Daly said during the weekend that if data on inflation and the labor market continues to come in hotter than expected, interest rates will need to go higher, and stay there longer, than Fed policymakers projected in December, as reported by Reuters. On the same line, US Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it clearly said, “Ongoing increases in the Fed funds rate target are necessary.
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