USD/JPY climbs to fresh daily high, further beyond mid-134.00s despite weaker USD – by hareshmenghani USDJPY BOJ Bonds Fed Currencies
Sliding US bond yields continues to weigh on the USD and might act as a headwind.USD/JPY pair
kicks off the new week on a positive note and builds on its steady intraday ascent through the early North American session. The momentum lifts spot prices to a fresh daily high, around the 134.70-134.75 region in the last hour and is sponsored by the heavily offered tone surrounding the Japanese Yen .
The Bank of Japan Kazuo Ueda sounded dovish this Monday and said that the central bank must maintain monetary easing as trend inflation is still below 2%. Ueda added that inflation forecasts must be quite strong and close to 2% in the coming year to consider tweaking yield curve control.
Traders might also prefer to wait on the sidelines ahead of this week's important US macro releases, starting with the Conference Board's Consumer Confidence Index on Tuesday. This will be followed by the US Durable Goods Orders data on Wednesday, the Advance Q1 GDP prints on Thursday and the US Core PCE Price Index - the Fed's preferred inflation gauge on Friday.
monetary policy meeting on the last day of the week should determine the near-term trajectory for the USD/JPY pair.
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