USD/JPY remains depressed around mid-139.00s amid intervention warning – by hareshmenghani USDJPY RiskAversion Bonds Fed Currencies
USD/JPY drifts lower for the third straight day and is pressured by a combination of factors.The emergence of fresh USD buying could lend some support and help limit deeper losses.pair extends the overnight retracement slide from the vicinity of the 141.00 mark, or a six-month high and remains under some follow-through selling on Wednesday. The pair maintains its offered tone through the early European session and currently trade around mid-139.00s, down over 0.20% for the day.
A combination of factors provides a goodish lift to the Japanese Yen , which, in turn, is seem exerting downward pressure on the USD/JPY pair for the third successive day. The disappointing release of the official Chinese PMI prints for May adds to worries about a global economic slowdown and tempers investors' appetite for riskier assets.
In fact, Japan’s Vice Finance Minister for international affairs, Masato Kanda, hinted that authorities may act to curd the sinking Yen, saying that they will closely watch currency market moves and respond appropriately as needed. He added that they won't rule out every option available. Apart from this, the ongoing slide in the US Treasury bond yields results in the narrowing of the US-Japan rate differential and further benefits the JPY.
This, in turn, warrants caution before placing aggressive bearish bets around the USD/JPY pair. Market participants now look forward to the, featuring the Chicago PMI and JOLTS Job Openings data. This, along with speeches by influential FOMC members and the US bond yields, will drive the USD demand. Apart from this, the broader risk sentiment should provide some impetus to the USD/JPY pair and allow traders to grab short-term opportunities.
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