USD/JPY subdued to the south of 116.00 level as focus turns to Friday’s key US jobs report By Frank_Macro USDJPY Fed NFP
USD/JPY continues to trade to the south of the 116.00 level on Thursday, having failed to rally post-hawkish Fed minutes.
Long-term US yields will need to continue pushing higher if USD/JPY is to test late-2016 highs above 118.00.After briefly moving back above the 116.00 level on Wednesday, but failing to test Tuesday’s multi-year high at 116.40,has gradually slipped lower on Thursday and has spent the last few hours going sideways in the 115.70s area.
Some FX strategists are surprised at the dollar’s failure to pick up in wake of the Fed minutes that clearly showed a strong appetite at the Fed for a fairly swift rate hiking cycle coupled with prompt balance sheet reduction. US data has been mixed this week in the run-up to Friday’s official December labour market report and not influenced FX markets too much.
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