USD/JPY drops vertically to near 139.00 as USD Index extends losses, US NFP eyed – by Sagar_Dua24 USDJPY Fed BOJ Employment Inflation
extended its downside below 104.20. The USD Index has dropped to near 104.15 as investors are optimistic that US debt-ceiling proposal would secure sufficient votes.of the market participants has improved amid a drop in appeal for the USD Index.
On Wednesday, US JOLTS Job Openings data outperformed expectations. Despite higher interest rates from the Federal Reserve and tight credit conditions by US regional banks, the US job market seems healthy. data will be of utmost importance. As per the preliminary report, fresh 190K payrolls were added in the labor market in May, lower than the additions of 253K made in April. The Unemployment Rate is increased to 3.5% vs. the former release of 3.4%.
A collaboration of better-than-anticipated US Employment and job market data would leave no reason for Fed chairOn the Japanese Yen front, Bank of Japan Governor Kazuo Ueda has confirmed that bond-buying operations by the central bank would continue in order to keep inflation steadily above 2%. About USD/JPY’s outlook, Economists at MUFG Bank believe that “The debt ceiling issue has been resolved and a strong jobs report at the end of the week would likely see markets price more fully a Fed rate hike on 13th June that would likely then lead to further USD/JPY buying.”
“If events fuel another quick move to the 145 level, above there would certainly be in the range of intervention. It would in addition serve to highlight another unwelcome by-product of YCC and could play a role in swaying Governor Ueda to scrap YCC later this year.”
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