USD/JPY hits two-week high on solid US Data, improved US debt ceiling talks USDJPY Currencies Majors
n addition, an improvement in US debt ceiling negotiations between the White House and the US Congress keeps the US Dollar rising. Therefore, the USD/JPY is trading at 137.49 after hitting a daily low of 136.30.US equities portray an upbeat sentiment in the financial markets, to the detriment of safe-haven peers, like the Japanese Yen . The, as April’s Building Permits dropped to -1.5%, better than the expected -3% plunge, as permits improved from 1.437M to 1.416M.
Therefore, traders had begun to slash their bets of three rate cuts by the US Federal Reserve in 2023 amidst the ongoing hawkish rhetoric by some officials. Loretta Mester, Thomas Barkin, andcontinued to push back against rate cuts, though the latter has moderated its stance. On the dovish front, Aaron Golsbee and Lorie Logan took a cautious stance but emphasized that no rate cuts are expected in 2023.
The US debt ceiling theme continues to grab USD/JPY traders’ attention, though a negotiation improvement calmed investors’ nerves. The US House Speaker McCarthy stated the two sides remain apart. Nevertheless, he acknowledged that a deal could be done by the week’s end. Wall Street cheered Tuesday’s results, as the three major indices posted gains above the 0.30% threshold.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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