Japanese Yen appreciates as Services PMI marks the seventh consecutive month of expansion
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The Japanese Yen edges higher following the Jibun Bank Services PMI on Wednesday. Japan’s Yoshimasa Hayashi monitors domestic and international market developments with urgency. The US Dollar holds ground as traders adopt caution ahead of US employment data. The Japanese Yen (JPY) continues to strengthen against the US Dollar (USD) following the release of the Jibun Bank Services PMI data on Wednesday. The index was revised to 53.7 in August from an initial estimate of 54.0. Although this marks the seventh consecutive month of expansion in the service sector, the latest figure remains unchanged from July. Japan’s Chief Cabinet Secretary Yoshimasa Hayashi stated on Wednesday that he is “closely monitoring domestic and international market developments with a sense of urgency.” Hayashi emphasized the importance of conducting fiscal and economic policy management in close coordination with the Bank of Japan (BoJ). He also stressed the need for a calm assessment of market movements but declined to comment on daily stock fluctuations. The US Dollar receives support as traders adopt caution ahead of US employment data, particularly the August Nonfarm Payrolls (NFP). This data may provide further insights into the potential timing and scale of Federal Reserve (Fed) rate cuts. Daily Digest Market Movers: Japanese Yen extends gains due to the hawkish mood surrounding BoJ The US ISM Manufacturing PMI inched up to 47.2 in August from 46.8 in July, falling short of market expectations of 47.5. This marks the 21st contraction in US factory activity over the past 22 months. On Tuesday, Japan announced plans to allocate ¥989 billion to fund energy subsidies in response to rising energy costs and the resulting cost-of-living pressures. The US Bureau of Economic Analysis reported on Friday that the headline Personal Consumption Expenditures (PCE) Price Index increased by 2.5% year-over-year in July, matching the previous…
Filed under: News - @ September 4, 2024 3:27 am