USD/JPY bulls trace firmer yields above 140.00, US PMIs, Japan GDP eyed – by anilpanchal7 USDJPY YieldCurve RiskAversion Fed BOJ
by 339K versus 190K expected and 294K prior . It’s worth noting, however, that the Unemployment Rate also rose to 3.7% from 3.4% prior, versus 3.5% market forecasts. It should be noted, that the Average Hourly Earnings eased whereas the Labor Force Participation Rate remain the same as previous.
Apart from that, the Shangri-la Dialogue in Singapore renewed geopolitical fears surrounding the US and China amid no meeting of the policymakers of both nations, as well as an incident suggesting escalating war fears among the Sino-American navies in the Taiwan Strait. Furthermore, news from Russian Defense Ministry suggesting large-scale military operations by Ukraine also weigh on the sentiment and put a floor under the US Dollar.
It’s worth noting, however, that the hawkish concerns about the Bank of Japan officials and optimism about the US debt ceiling deal, as well as US credit rating, prod the USD/JPY bulls. That said, US President Joe Biden signed the debt-ceiling bill and avoided the ‘catastrophic’ default. Also negative for the DXY were concerns suggesting slower rate hikes from the major central banks.
Against this backdrop, Wall Street closed higher and the US Treasury bond yields marked the first weekly loss in four, grinding higher of late. It’s worth observing that the S&P500 Futures print mild losses amid mixed sentiment. Moving on, today’s US Services PMI and Factory Orders for May can entertain intraday traders ahead of Friday’s final readings of Japan’s first quarter 2023Technical analysisbears remain off the table beyond the previous resistance line stretched from December 15, 2022, around 137.40 by the press time, an ascending trend line from late 2022, close to 141.20 by the press time, challenges the Yen pair’s short-term upside.
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