pot prices manage to recover a major part of the intraday losses back closer to the weekly low set on Tuesday and hover just above mid-139.00s, nearly unchanged for the day during the early North American session.
A combination of factors provides a modest lift to the Japanese Yen , which, in turn, prompts some intraday selling around the USD/JPY pair. Disappointing Chinese data, showing that trade surplus sank to a 13-month low in May led by a surprise slump in exports on the back of weaker overseas demand for Chinese goods, weighs on investors' sentiment. This is evident from the cautious mood around the equity markets and benefits traditional safe-haven assets, including the JPY.
Apart from this, speculations for more sizeable interventions by the Bank of Japan to support the domestic currency further underpin the JPY. This, along with the emergence of fresh US Dollar selling, contributes to the offered tone surrounding the USD/JPY pair. That said, the downside for the USD remains limited amid the uncertainty over the Federal Reserve's rate-hike path, which is holding back traders from placing aggressive near-term directional bets.
That said, the recent inflation and labor market data from the US kept alive hopes for a 25 bps lift-off at the June FOMC meeting. This, in turn, acts as a tailwind for the US Treasury bond yields, which seems to offer some support to the Greenback and assist the USD/JPY pair to attract some dip-buying ahead of the 139.00 round-figure mark.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »