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Refreshes daily highs near 109.20 amid USD rebound
The appreciative move in the US dollar keeps USD/JPY higher in the initial Asian session. The pair consolidates the overnight gains and remains on track to retest the multi-day high.To get more news about WikiFX, you can visit wikifx.com official website.
At the time of writing, the USD/JPY pair is trading at 109.19 up 0.05% on the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against six majors, regained some ground on Wednesday, stood at 90.11 with 0.07% gains. The USD moves in tandem with US Treasury yields, which rose from the lows of 1.55% to 1.58%.
The move in US benchmark yields aligned with the narrative of the inflationary risk and the scaling back of QE. Fed Vice Chair Richard Clarida insisted that the US central bank could curb the outbreak of inflation without compromising on economic growth and spending. He added, still the Fed may begin talks about tapering at coming meetings.
The comments reflect the shifting tone at the Fed on its accommodative monetary policy stance. This, in turn, uplifts the sentiment surrounding the US dollar.
On the other hand, the yen remains submissive after the government slashed its overall economic view in its May economic report. This is the second cut in economic assessment in a row after February. The rising corona cases, extended lockdown, and slower vaccination drive weigh on the performance of the yen.
As for now, investors are bracing for the US Gross Domestic Product (GDP) data, Durable Goods Orders, Corporate Profits, Initial Jobless Claims, and Pending home sales data for some fresh trading impetus.