USD/JPY holds around 128.00 despite DXY weakening, US PMI in focus By Sagar_Dua24 USDJPY Fed BOJ Inflation PMI
A positive market mood has underpinned the risk-perceived currencies.pair is attempting to overstep 128.00 despite the underperformance from the US dollar index displayed in the Asian session. The pair have been struggling to surpass Monday’s high and is likely to remain volatile as a firmer rebound in the positive market sentiment will demand more strength from the market participants.
A sudden rise in Japan’s inflation is not going to support a rate hike alternative as the inflation is still near the targeted levels however, the BOJ could reduce its stimulus packages, which the is losing its strength after facing hurdles at 105.00. The DXY has surrendered more than 2% and is expected to lose more amid the soaring market mood. Going forward, investors will keep the US Purchase Managers Index on the radar. The S&P Composite PMI is seen at 55.5 against the prior print of 56.
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