USD/JPY tumbles below 139.50 after US ISM Service PMI – by MSalordFX USDJPY Currencies Majors
US yields decline sharply after data, benefiting the Yen.The USD/JPY experienced a sharp drop below 140.00 after the release of
that weighed on the US Dollar. Within a few minutes, the pair lost more than 50 pips, reaching a fresh daily low at 139.25. It remains near the lows, under pressure.The May S&P Global Services PMI was revised down from 55.1 to 54.9. More importantly, thefor May came in at 50.3, the lowest level since May 2020, falling short of expectations of 51.5 and below April's figure of 51.9. The Prices Paid Index also fell from 59.6 to 56.2, and the Employment Index dropped to 49.
In addition, a separate report showed that Factory Orders rose by 0.4% in April, below the market consensus of 0.5%.dropped from 104.30, hitting daily lows below 104.00. US Treasury yields also turned negative, with the 10-year sliding from 3.75% to 3.66% and the 2-year from 4.55% to 4.43%. The rally in Treasuries boosted the Japanese Yen, which is also benefiting from the slide in equity prices on Wall Street. As a result, the yen is one of the top performers so far on Monday.The USD/JPY reached a high of 140.45 on Monday, which was the highest level it had seen since May 30th. However, it began to pull back and accelerated its descent after the release of US data. The pair was unable to maintain a level above 140.00.has fallen below its 20-period Simple Moving Average .
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