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The Japanese Yen loses ground amid the stronger USD in Wednesday’s early Asian session.  Growing expectations of the BoJ rate hike in December and safe-haven flows might help limit the JPY’s losses.  Investors brace for Japan’s Jibun Bank Services PMI, US economic data and Fed’s Powell speech on Wednesday.  The Japanese Yen (JPY) trades in negative territory on Wednesday. The upbeat US Manufacturing PMI data and job openings data this week indicated that the US economy remains robust, lifting the Greenback. However, traders are increasingly confident that the Bank of Japan (BOJ) may hike interest rates this month. This, in turn, might support the JPY in the near term.  Furthermore, the ongoing political uncertainty in France, the political tension in South Korea and escalating geopolitical risks in the Middle East could boost the safe-haven flows, benefitting the JPY against the USD. Investors will keep an eye on the final reading of Japan’s Jibun Bank Services PMI, which is due later on Wednesday. On the US docket, the ADP Employment Change report, final S&P Global Services PMI, ISM Services PMI and the Fed’s Beige Book will be released. The Federal Reserve’s (Fed) Chair Jerome Powell is scheduled to speak later in the same day.  Japanese Yen edges lower amid the firmer US Dollar broadly  The BoJ Governor Kazuo Ueda said on Saturday that the central bank will adjust the degree of monetary easing at the appropriate time if it becomes confident that the underlying inflation rises toward 2%. The US JOLTS Job Openings rose to 7.74 million in October, compared to 7.37 million openings in September, according to the US Bureau of Labor Statistics (BLS) on Tuesday. This reading came in higher than the market expectation of 7.48 million. Fed Governor Adriana Kugler said the labor market remains solid, and inflation…

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Filed under: News - @ December 4, 2024 12:23 am