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Japanese Yen recovers losses as softer US data reinforce Fed rate cuts this year
The post Japanese Yen recovers losses as softer US data reinforce Fed rate cuts this year appeared on BitcoinEthereumNews.com. The USD/JPY corrects from a 38-year high of 161.95. The Nikkei 225 Index rises to nearly 40,700 points, buoyed by gains seen on Wall Street overnight. The US Dollar struggles as lackluster economic data raise expectations of Fed rate cuts in 2024. The Japanese Yen (JPY) inches higher against the US Dollar (USD) on Thursday. The USD/JPY pair retreated from its peak at 161.95, a level not seen since 1986. Traders remain watchful for significant movements in the JPY and potential intervention by Japanese authorities to prevent excessive depreciation. The Nikkei 225 Index increases to near 40,700 on Thursday, following gains on Wall Street overnight. The weaker Yen also bolstered equities by enhancing the profit outlook for Japan’s export-driven industries. The US Dollar (USD) faced challenges amid declining US Treasury yields, fueled by lackluster economic data that reinforced expectations of Federal Reserve (Fed) interest rate cuts in 2024. US markets will be closed on Thursday in observance of the Independence Day holiday. Daily Digest Market Movers: Japanese Yen improves as rising odds of Fed rate cuts On Wednesday, Rabobank FX strategists pointed out that yield differentials appear crucial to the USD/JPY outlook. They suggested that FX intervention could be imminent due to the weakness of the Japanese Yen, which is exerting downward pressure on consumer confidence. OCBC strategists Frances Cheung and Christopher Wong observe that the persistent strength of USD/JPY is raising intervention expectations. However, there is speculation that authorities may monitor to what extent they allow for further depreciation before intervening. US ISM Services PMI fell sharply to 48.8 in June, marking the steepest decline since April 2020. This figure was well below market expectations of 52.5, following a reading of 53.8 in May. The ADP Employment report showed that US private businesses added 150,000 workers to their payrolls…
The post Japanese Yen recovers losses as softer US data reinforce Fed rate cuts this year appeared on BitcoinEthereumNews.com.
The USD/JPY corrects from a 38-year high of 161.95. The Nikkei 225 Index rises to nearly 40,700 points, buoyed by gains seen on Wall Street overnight. The US Dollar struggles as lackluster economic data raise expectations of Fed rate cuts in 2024. The Japanese Yen (JPY) inches higher against the US Dollar (USD) on Thursday. The USD/JPY pair retreated from its peak at 161.95, a level not seen since 1986. Traders remain watchful for significant movements in the JPY and potential intervention by Japanese authorities to prevent excessive depreciation. The Nikkei 225 Index increases to near 40,700 on Thursday, following gains on Wall Street overnight. The weaker Yen also bolstered equities by enhancing the profit outlook for Japan’s export-driven industries. The US Dollar (USD) faced challenges amid declining US Treasury yields, fueled by lackluster economic data that reinforced expectations of Federal Reserve (Fed) interest rate cuts in 2024. US markets will be closed on Thursday in observance of the Independence Day holiday. Daily Digest Market Movers: Japanese Yen improves as rising odds of Fed rate cuts On Wednesday, Rabobank FX strategists pointed out that yield differentials appear crucial to the USD/JPY outlook. They suggested that FX intervention could be imminent due to the weakness of the Japanese Yen, which is exerting downward pressure on consumer confidence. OCBC strategists Frances Cheung and Christopher Wong observe that the persistent strength of USD/JPY is raising intervention expectations. However, there is speculation that authorities may monitor to what extent they allow for further depreciation before intervening. US ISM Services PMI fell sharply to 48.8 in June, marking the steepest decline since April 2020. This figure was well below market expectations of 52.5, following a reading of 53.8 in May. The ADP Employment report showed that US private businesses added 150,000 workers to their payrolls…
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