The USD/JPY pair extends its recovery to 156.00 in Friday’s European session.
USD/JPY rebounds sharply to 156.00 amid a firm recovery in the US Dollar. Fed officials one good inflation data as incapable for unwinding the restrictive policy stance. Japan’s weak GDP deepens fears of BoJ’s limited scope for policy-tightening. The asset strengthens as the US Dollar rebounds strongly after the Fed eral Reserve ruled out expectations of rate cuts despite an expected decline in the United States Consumer Price Index data for April.
The US Dollar Index , which tracks the Greenback’s value against six major currencies, rise to 104.70. 10-year US Treasury yields rise to 4.39%. Meanwhile, the speculation for the Fed to begin reducing interest rates from the September meeting remains firm. The CME FedWacth tool shows that the probability of interest rates declining from the current levels in September is 68%, which has come down from 73% recorded after the release of the soft inflation data.
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