The post USD/JPY softly lower on Thursday, easing off the gas pedal after edging close to 162.00 appeared on BitcoinEthereumNews.com.

USD/JPY eased slightly with US markets on holiday. Thin Japan data brings little of note for the Yen. Friday’s US NFP jobs data dump to cap off the trading week. USD/JPY eased slightly as the Yen gets a much-needed break from getting pummeled by bears. The pair chalked in a midweek peak a few points away from 162.00 on Wednesday before settling into a middling pattern as markets gear up for Friday’s US Nonfarm Payrolls (NFP) labor data print. The US Dollar continues to grind into fresh 38-year highs against the Yen as the Bank of Japan’s (BoJ) hyper easy monetary policy stance does little to support the floundering JPY. Despite numerous rounds of verbal threats from Japanese policymakers to intervene directly in FX markets, USD/JPY continues to test into nearly four-decade peaks. The Yen is getting battered across the board as Japan’s functionally zero interest rates leave a wide rate differential between JPY and the other major currencies, and global market flows continue to reflect that. US markets went dark on Thursday in observance of the July 4 Independence Day holiday, but will be returning to the market fold on Friday just in time to deliver the latest round of US NFP hiring figures. Median market forecasts are expecting an overall softening in US data as investors lean into hopes for a slight economic downturn in the US to spark rate cuts from the Federal Reserve (Fed). US NFP are expected to tick down to 190K in June, down from the previous month’s 272K. Markets will also be on the lookout for steep revisions to previous releases, while June’s US Unemployment rate is expected to hold steady at 4.0% MoM. US Average Hourly Earnings are expected to cool slightly in June, forecast to ease to 3.9% YoY compared to…

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Filed under: News - @ July 5, 2024 2:22 am