06 June 2024, USD/JPY
An event to look out for today:
15:30 GMT+3. USD - Number of initial applications for unemployment benefits
USDJPY:
The Japanese Yen (JPY) is appreciating thanks to improved risk sentiment and increased speculation of an interest rate cut by the US Federal Reserve (Fed) in September. A decline in US Treasury yields is weighing on the US Dollar (USD), undermining the USD/JPY pair. On Friday, investors await the release of key US employment data, including average hourly earnings and non-farm payrolls.
Japanese bond yields retreated from recent highs and the 10-year government bond yield fell below 1% for the first time in two weeks. However, Japan's real wages fell for the 25th consecutive month in April as the country's inflation continued to outpace wage growth. This data will make it difficult for the Bank of Japan (BoJ) to normalize policy.
The US Dollar Index (DXY), which measures the value of the US Dollar against six other major currencies, ran into trouble following the release of mixed economic data in the United States (US). This increased speculation of an interest rate cut by the US Federal Reserve (Fed). According to the CME FedWatch Tool, the probability of a Fed rate cut of at least 25 basis points in September rose to nearly 70.0% from 47.5% a week earlier.
Trading recommendation: Trade predominantly with Sell orders from the current price level
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