USD/JPY stays defensive around 146.10-15 heading into Monday’s European session after witnessing a sluggish start to the key week comprising Japan gro
wth numbers and the US ISM Services PMI. The Yen pair’s latest inaction could be linked to the US Labor Day holiday, as well as mixed clues about the US Federal Reserve and the Bank of Japan .
Elsewhere, market sentiment remains positive as China stimulus joins increasing hopes of witnessing no more rate hikes from the US Federal Reserve . On the other hand, the receding odds of the Federal Reserve’s hawkish moves in the future, mainly after Friday’s mixed US jobs report for August, also underpins the market’s optimism and weigh on the USD/JPY price. rose to 187K in August versus 170K expected and 157K prior even as the Unemployment Rate marked an uptick to 3.8% from 3.5% market forecasts and previous readings. Further, the Average Hourly Earnings also eased to 0.2% and 4.3% compared to 0.4% and 4.4% respective priors.
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