USD/JPY plummets to one-month low, closer to mid-139.00s ahead of the crucial US CPI report – by hareshmenghani USDJPY BOJ Fed Inflation Currencies
g ground for the fifth successive day on Wednesday. Spot prices drop to a nearly one-month low during the Asian session and currently trade just above the 139.50 level, down nearly 0.50% for the day.
The Japanese Yen continues to draw support from speculations that the Bank of Japan will adjust its ultra-loose policy settings as soon as this month, which has been pushing the Japanese Government Bond yields higher. In fact, the benchmark 10-year JGB yield shot to its highest level since April earlier. This, along with the recent pullback in the US Treasury bond yields, narrows the US-Japan rate-differential and further contributes to driving flows towards the JPY.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, hits a fresh two-month low in the wake of firming expectations that the Federal Reserve has limited headroom to keep raising rates. Several Fed officials said on Monday the US central bank would likely tighten its monetary policy further to bring down inflation, though the end to its current rate-hiking cycle was getting close.
The aforementioned fundamental backdrop, meanwhile, suggests that the path of least resistance for the USD/JPY pair remains to the downside. Traders, however, might refrain from placing aggressive and prefer to wait on the sidelines ahead of the release of the latest US consumer inflation figures, due later during the early North American session. A furtehr slowdown in price growth is more likely to prompt fresh USD selling, paving the way for a further near-term deprecaiting move for the major.
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