USDJPY bounces off daily low, keeps the red around mid-139.00s amid fresh USD slump – by hareshmenghani USDJPY Fed Inflation BOJ Currencies
comes under renewed selling pressure on Tuesday and hits a fresh three-month low, which, in turn, is seen as a key factor exerting downward pressure on the USDJPY pair. Indications that the worst of the post-pandemic price spike is over reaffirmed expectations that the Federal Reserve will slow the pace of its policy tightening in the coming months.
The repricing of the pace of the Fed's rate-hiking cycle is evident from a further decline in the US Treasury bond yields. The resultant narrowing of the US-Japan rate differential offers some support to the Japanese Yen and further contributes to the offered tone surrounding the USDJPY pair. That said, speculations that the Bank of Japan will stick to its dovish policy stance, bolstered by Tuesday's weaker domestic growth figures, could act as a headwind for the Japanese Yen.
Government data released this Tuesday showed that the Japanese economy unexpectedly contracted at an annual rate of 1.2% during the July-September quarter. The reading was well below the 4.6% growth recorded in the second quarter and a 1.1% expansion estimated. Furthermore, a generally positive tone around the equity markets, which tends to undermine the safe-haven JPY, supports prospects for the emergence of some buying around the USDJPY pair.
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