USD/JPY slides further below 136.00 mark, downside potential seems limited – by hareshmenghani USDJPY Recession Fed RetailSales Currencies
h, around the 136.30-136.35 region touched the previous day. Spot prices remain depressed through the early European session and currently trade just below the 136.00 round-figure mark, down nearly 0.20% for the day.
A generally weaker tone around the equity markets drives some haven flows towards the Japanese Yen and turns out to be a key factor weighing on the. The weaker-than-expected Chinese macro data released on Tuesday adds to worries about a global economic slowdown and tempers investors' appetite for riskier assets. The flight to safety, along with a standoff to raise the federal government's borrowing limit, is seen dragging the US Treasury bond yields lower.
It is worth recalling that US President Joe Biden expressed confidence that a deal could be done in time ahead of an expected meeting with congressional leaders later today. Republican House of Representatives Speaker Kevin McCarthy, however, said the two sides were still far apart. The downside for the USD, meanwhile, seems limited amid speculations that the Federal Reserve will stick to its hawkish stance.
Furthermore, the overnight hawkish comments by several Fed officials suggest that the US central bank will keep interest rates higher for longer. In contrast, the Bank of Japan Governor Kazuo Ueda said last week that it was too early to discuss specific plans for an exit from the massive stimulus program. This marks a big divergence in the Fed-BoJ policy
, which should cap any meaningful gains for the JPY and supports prospects for the emergence of some dip-buying around the JPY. This makes it prudent to wait for strong follow-through selling before confirming that spot prices have topped out.figures, due later during the early North American session. This, along with the US bond yields, will influence the USD price dynamics and provide some impetus to the USD/JPY pair.
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