The Japanese Yen (JPY) extends its gains for the third successive session on Monday.
The Japan ese Yen appreciates as US Dollar faces challenges following weaker-than-expected US employment growth data released on Friday. Japan 's Current Account surplus increased to ¥2,849.9 billion in May, up from the prior ¥2,050.5 billion. Friday’s employment data prompted speculation that the Fed could initiate rate cuts sooner. The Japan ese Yen extends its gains for the third successive session on Monday.
strategists Frances Cheung and Christopher Wong observe that the persistent strength of USD/JPY is raising intervention expectations. However, there is speculation that authorities may monitor to what extent they allow for further depreciation before intervening. Federal Reserve Bank of Chicago President Austan Goolsbee stated on BBC Radio on Wednesday that bringing inflation back to 2% will take time and that more economic data are needed.
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