The USD/JPY pair shifts auction above 161.00 in Monday’s New York session.
USD/JPY stays strong above 161.00 amid sheer weakness in the Japanese Yen. The BoJ eyes further policy tightening due to the weak Yen. Weak US Manufacturing PMI weighs on the US Dollar. The asset strengthens further as the Japanese Yen weakens amid uncertainty over Bank of Japan’s policy outlook. Recent BoJ policy minutes showed that officials favored further policy tightening as the weak Japanese Yen is boosting inflationary pressures.
A decline in the Prices Paid suggests a softening of price pressures. This will boost expectations of early rate cuts by the Federal Reserve . Economic Indicator ISM Manufacturing PMI The Institute for Supply Management Manufacturing Purchasing Managers Index , released on a monthly basis, is a leading indicator gauging business activity in the US manufacturing sector.
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