forexanakysis
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In fact, the USD Index, which tracks the Greenback against a basket of currencies, reverses a major part of the overnight strong gains and is seen weighing on the USD/JPY pair lower. Fresh concerns about the regional banking sector crisis in the US, along with fears of an imminent recession and worries about the US debt ceiling, have been fueling speculations that the Federal Reserve (Fed) will cut interest rates later this year. This, in turn, continues to drag the US Treasury bond yields lower and exerts heavy downward pressure on the Greenback.
That said, the Bank of Japan (BoJ) Kazuo Ueda's dovish remarks earlier this week, along with a modest recovery in the US equity futures, could undermine the safe-haven Japanese Yen (JPY) and lend support to the USD/JPY pair. It is worth recalling that the new BoJ Governor said on Monday that the central bank must maintain monetary easing as trend inflation is still below 2% and added that inflation forecasts must be quite strong and close to 2% in the coming year to consider tweaking yield curve control. This, in turn, warrants caution for bearish traders.
That said, the Bank of Japan (BoJ) Kazuo Ueda's dovish remarks earlier this week, along with a modest recovery in the US equity futures, could undermine the safe-haven Japanese Yen (JPY) and lend support to the USD/JPY pair. It is worth recalling that the new BoJ Governor said on Monday that the central bank must maintain monetary easing as trend inflation is still below 2% and added that inflation forecasts must be quite strong and close to 2% in the coming year to consider tweaking yield curve control. This, in turn, warrants caution for bearish traders.
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