The Japanese Yen (JPY) struggles to gain any meaningful traction during the Asian session on Tuesday and languishes near the 34-year low touched against its American counterpart the previous day.
The Japanese Yen remains depressed near a multi-decade low amid the BoJ’s dovish outlook. Reduced Fed rate cut bets lift the USD to a fresh YTD top and further lend support to USD/JPY. Intervention fears and a softer risk tone could help limit deeper losses for the safe-haven JPY. The Japanese Yen struggles to gain any meaningful traction during the Asian session on Tuesday and languishes near the 34-year low touched against its American counterpart the previous day.
Expectations that the Fed will keep rates higher for longer, along with the risk of a further escalation of conflicts in the Middle East, weigh on investors' sentiment and lend support to the safe-haven JPY, capping gains for the USD/JPY pair. Traders now look to the US macro data – Building Permits, Housing Starts and Industrial Production figures – and speeches by influential FOMC members, including Fed Chair Jerome Powell, for some meaningful impetus later this Tuesday.
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