USD/JPY trades with modest losses amid softer USD, downside seems limited – by hareshmenghani USDJPY Bonds Fed BOJ Currencies
Retreating US bond yields keeps the USD bulls on the defensive and exerts some pressure.USD/JPY pair
remains under some selling pressure for the second successive day on Monday and moves further away from the YTD peak, around the 137.10 region touched last week. The pair, however, recovers a few pips from the daily low and trades just above mid-135.00s during the early European session, down around 0.20% for the day.kicks off the new week on a subdued note amid a modest downtick in the US Treasury bond yields and turns out to be a key factor weighing on the USD/JPY pair lower.
The incoming US macro data indicated that inflation isn't coming down quite as fast as hoped and pointed to an economy that remains resilient despite rising borrowing costs. Adding to this, a slew of FOMC members backed the case for higher rate hikes and opened the door for a 50 bps lift-off at the March policy meeting.
Traders might also prefer to move to the sidelines ahead of this week's key event/data risks, starting with Fed Chair Jerome Powell's semi-annual congressional testimony on Tuesday and Wednesday. Investors will look for fresh clues about the Fed's future rate-hike path, which will play a key role in influencing the near-term USD price dynamics.
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