USD/JPY extended its gains early in the North American session after hitting a daily low of 148.86. However, positive data and high US Treasury bond y
Fed’s Kashkari remains hawkish, saying the risks of raising rates are tilted to the upside.USD/JPY
extended its gains early in the North American session after hitting a daily low of 148.86. However, positive data and high US Treasury bond yields keep the pair from falling below the 149.00 figure despite Japanese authorities' threats of intervention. The USD/JPY is trading at around 149.40s, gaining 0.27%.
USD/JPY advances steadily due to divergence in monetary policy but threats of intervention are halting the rally The financial markets narrative continues to be set by expectations of further tightening by the US Federal Reserve. Sentiment remains fragile, though the latest Durable Goods Orders beating estimates are giving a leg-up to the Greenback , which would likely continue to print gains across the board. Durable Goods in August were expected to drop -0.5% but rose 0.2% and crushed last month’s -5.6% plunge. Excluding Transports, orders rose by 0.4% MoM, above estimates and July’s 0.1% increase.
On the Japanese front, the Bank of Japan minutes for the July meeting showed that some members felt it was essential to explain that YCC tweaks are not a sign of ending accommodative posture while emphasizing they’re unsure if inflation will be sustainably above the 2% target. Meanwhile, the swaps market has begun to price in a possible rate hike for December and January, with odds at 70% for the former and 85% for the latter.
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