USD/JPY continues to draw some support from the divergent Fed-BoJ policy stance. Fears that authorities will intervene to support the JPY cap the upside for the major. Traders also seem reluctant ahead of the crucial US PCE Price Index data on Friday. The upside, meanwhile, remains capped amid fears that Japanese authorities or the Bank of Japan might intervene in the markets to prop up the domestic currency.
Fed Governor Lisa Cook said it would be appropriate to cut interest rates at some point given significant progress on inflation and a gradual cooling of the labor market, though remained vague about the timing of the easing. That said, signs of easing inflationary pressures in the US keep hopes alive for the first interest rate cut by the Fed in September. This, in turn, is holding back the USD bulls from placing aggressive bets and capping the upside for the USD/JPY pair.
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Source: FXStreetNews - 🏆 14. / 72 Read more »