The USD/JPY pair displays a sharp volatility contraction near 155.60 in Monday’s European session.
USD/JPY is stuck in a tight range as the US Dollar consolidates. The US Dollar stays on the sidelines despite Fed officials maintaining hawkish guidance on interest rates. Investors await the US S&P Global PMI and Japan’s National CPI data. The asset struggles for direction as investors shift focus to the Fed eral Open Market Committee minutes for the May meeting and commentaries from Fed eral Reserve policymakers that will provide fresh guidance of the interest rate outlook.
This has strengthened expectations for the Fed to begin reducing interest rates from the September meeting. On the economic data front, investors will look to US S&P Global PMI data for May, which will be published on Thursday. The economic data will indicate whether the economy is effectively coping with the consequences of the Fed's higher interest rates. Meanwhile, the Japanese Yen is under pressure as investors worry about the limited scope of policy tightening by the Bank of Japan .
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