USD/JPY tracks firmer yields to rise past 134.00 despite hawkish BoJ talks, mixed Japan data – by anilpanchal7 USDJPY BOJ Fed YieldCurve PMI
cent pick up in the US Treasury bond yields while struggling to justify hawkish comments from Bank of Japan Governor Haruhiko Kuroda and the mixed Purchasing Managers Index for February.dropped to the lowest levels since September 2020, to 47.4 versus 48.9 expected and prior. The Services PMI, however, offered a positive surprise with 53.6 figure compared to 51.5 market forecasts and 51.1 previous readouts.
Elsewhere, BoJ’s Kuroda said that wage growth will likely accelerate as companies increase pay to compensate households for the higher cost of living, and cope with an intensifying labor shortage. The same raises fears of a higher BoJ rate when Kuroda retires in April.as a remarkable dovish one keep the USD/JPY buyers hopeful.
It should be noted that yields recovered on the full markets’ return as hawkish hopes from the US Federal Reserve renewed, which in turn underpinned the US Dollar’s recovery. On the other hand, the US and China alleged each other over the balloon shooting whereas the US diplomatic ties with Taiwan teased Beijing. On the same line, the United Nations Security Council is alarmed by Japan for North Korea’s missile testing and the same weigh on the sentiment, as well as favors the US Dollar.
Against this backdrop, the US 10-year Treasury bond yields pick up bids to near the highest levels marked since early November 2022, mildly bid around 3.86% at the latest. On the same line, S&P 500 Futures declined 0.40% intraday to 4,070 at the latest. Looking ahead, risk catalysts may entertain USD/JPY traders ahead of the first readings for the US February PMIs. Should the scheduled US PMIs appear firmer than what was marked in January, and also manage to cross the 50.0 mark despite unimpressive expectations, the odds of witnessing further USD/JPY run-up can’t be ruled out.
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