USD/JPY traces corrective bounce in yields to approach 132.00 ahead of key US data – by anilpanchal7 USDJPY RiskAversion YieldCurve Fed Macroeconomics
s the latest consolidation in the US Treasury bond yields amid cautious markets ahead of the key US Data.
US 10-year and two-year Treasury bond yields take a breather around 3.35% and 3.86% respectively, after falling in the last five and three consecutive days. It’s worth noting that downbeat US employment clues joined previously easing hawkish Fed bias to weigh on the US bond coupons. That said, US JOLTS Job Openings dropped to the lowest levels since May 2021 while flashing a 9.931M figure for February versus 10.4M expected and 10.563M revised prior. On the same line, US Factory Orders for February came in -0.7% MoM versus -0.5% expected and downwardly revised -2.1% prior.Also weighing on the US Dollar is Russia’s latest likes for the Chinese Tuan and the China-Brazil pact to ignore the US Dollar as an intermediate currency seems to drag the US Dollar.
With this, the US Dollar Index dropped to the lowest level in five weeks on Tuesday, before renewing the multi-day bottom and then bouncing off the 101.43 level to around 101.54 by the press time.drops near 1.30% intraday as we write. Moving on, the downbeat concerns about the Fed’s next move and the US Dollar’s reserve status can weigh on the USD/JPY pair unless the scheduled US data offer a positive surprise and/or
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