USD/JPY flirts with YTD peak, eyes 135.00 mark amid broad-based USD strength – by hareshmenghani USDJPY Fed Inflation Recession Currencies
on on Friday. The pair currently trades around the 134.70-134.75 region and seems poised to prolong its uptrend witnessed since the beginning of this month.Fed
will stick to its hawkish stance, which, in turn, acts as a tailwind for the USD/JPY pair. In fact, the USD Index, which tracks the Greenback against a basket of currencies, hits a fresh six-week low as investors now seem convinced that interestThe bets were lifted by the incoming positive US macro data, which point to a resilient economy despite rising borrowing costs and stubbornly high inflation.
In fact, the yield on the benchmark 10-year US government bond climbs to the highest level since late December. This results in the widening of the US-Japan rate differential, which is seen driving flows away from the Japanese Yen and providing an additional boost to the USD/JPY pair. That said, a combination of factors could limit losses for the JPY and cap the upside for the major.
Worries about economic headwinds stemming from rapidly rising borrowing costs continue to weigh on investors' sentiment, which is evident from a generally weaker tone around the equity markets. Adding to this, speculations that the Bank of Japan governor candidate Kazuo Ueda will dismantle the yield curve control easing mechanism could lend some support to the safe-haven JPY.
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