USD/JPY pares intraday recovery gains, hangs near multi-month low set earlier this Monday – by hareshmenghani USDJPY Fed Inflation BOJ Currencies
owever, retreats a few pips from the daily high and slips back below the mid-128.00s during the mid-European session.
The US Dollar rebounds after hitting a seven-month low, which, in turn, is seen as a key factor lending some support to the USD/JPY pair. The intraday USD uptick, meanwhile, lacks any obvious fundamental catalyst and remains capped amid firming expectations for a less aggressive policy tightening by the Fed. In fact, the markets are now pricing in a smaller 25 bps lift-off in February and expect the US central bank to pause its rate-hiking cycle, possibly after the March FOMC meeting.
The speculations were fueled by the latest US consumer inflation figures released last week, which showed that the headline CPI fell in December for the first time in more than 2-1/2 years. This should keep a lid on any meaningful upside for the greenback. The Japanese Yen, on the other hand, continues to draw support from bets that the Bank of Japan will tweak its yield control policy further, which, in turn, contributes to capping the USD/JPY pair's attempted recovery.
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