USD/JPY snaps a two-day losing streak, hovering around 145.40 during the Asian session on Monday. The USD/JPY pair cheers employment and manufacturing
survey data. However, market participants are currently in search of additional cues that could provide them with a clearer understanding of the US Federal Reserve’s direction regarding monetary policy tightening.
The Federal Open Market Committee’s minutes of the July meeting disclosed a difference of opinions among Fed members concerning interest rate hikes. While certain members expected that higher interestcould lead to a potential economic contraction, the majority of policymakers kept committed to reducing inflation and reaching the 2% target.
Additionally, traders could speculate on the potential intervention by Japanese authorities to protect the Japanese currency from further appreciation against the greenback. Such a step could impact the price movement of theAs the People's Bank of China cut its one-year benchmark lending rate by 10 basis points on Monday, seeking the credit demand to be encouraged.
Furthermore, the annual Jackson Hole Symposium during the week will be a focal point of interest. During this event, central bankers, policy experts, and academics will come together to extensively analyze the worldwide economic outlook, with a specific focus on addressing the prevailing inflationary situation.
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