USD/JPY traces sluggish Treasury yields below 142.00, snaps four-day uptrend – by anilpanchal7 USDJPY YieldCurve RiskAppetite CentralBanks Coronavirus
US Treasury yields struggle to justify hawkish bias from the Fed.renews its intraday low around 141.80 as it defies the four-day uptrend bullish trend during early Tuesday. In doing so, the Yen pair traces sluggish US Treasury yields amid a lack of major data/events, as well as the market’s cautious mood ahead of this week’s key catalysts scheduled for publishing on Wednesday.
That said, the US 10-year Treasury yields print the first daily loss in four, down one basis point near 3.81% by the press time, as the latest comments from the Federal Reserve officials fail to bolster the previously hawkish bias.It’s worth noting that of Cleveland President Loretta Mester said in a CNBC interview, “I think we can slow down from 75 at the December meeting.
Elsewhere, seven-month high daily coronavirus cases from China renewed supply-crunch fears and keeps the US Dollar buyers hopeful ahead of tomorrow’s preliminary readings of the monthly activity data and the Federal Open Market Committee Meeting Minutes. Amid these plays, S&P 500 Futures print mild gains despite the downbeat closing of Wall Street. Further, Japan’s Nikkei 225 prints 0.80% intraday upside near 28,160 by the press time.
Moving on, a lack of major data/events could allow the USD/JPY buyers to take a breather ahead of Wednesday’s important catalysts. However, the monetary policy divergence between the US Federal Reserve and the Bank of Japan joins the coronavirus woes to favor the bullish bias.Unless staying beyond the 100-DMA level surrounding 141.00, the USD/JPY bulls remain hopeful.
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