10 June 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) declined for the second consecutive trading day on Monday. The USD/JPY pair received support as the US dollar (USD) regained strength following the release of better-than-expected US jobs data on Friday.
On Monday, Japan released a combination of data that could potentially limit the decline in the Japanese yen. The annualised gross domestic product figure revealed that Japan's economy contracted at a slower rate than anticipated in the first quarter. In addition, the GDP (Q/Q) contracted in the first quarter, which coincided with the flash data.
The US Dollar Index (DXY), which measures the value of the US Dollar against six major currencies, continues to appreciate due to higher US Treasury yields. A strong US jobs report is anticipated to reinforce the Federal Reserve's hawkish stance. The CME FedWatch Tool indicates that the probability of a 25-basis-point or greater rate cut by the Federal Reserve in September has declined to approximately 48% from 54.8% a week ago.
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