USD/JPY stalls intraday positive move near 200 DMA, still well bid above mid-136.00s – by hareshmenghani USDJPY BOJ Fed Recession Currencies
falling behind the curve and added that it will be appropriate to continue monetary easing to achieve the 2% inflation target.
Apart from this, data released earlier this Monday showed that factory activity in Japan - the world's third-biggest economy - contracted for the sixth straight month in April, which, in turn, exerts additional downward pressure on the JPY. The USD, on the other hand, edges higher for the third successive day amid the prospects of the Federal Reserve raising interestby another 25 basis points at the end of a two-day meeting on Wednesday.
Furthermore, worries about economic headwinds stemming from rising borrowing costs could lend some support to the safe-haven JPY and contribute to keeping a lid on the USD/JPY pair, at least for the time being. In fact, the Advance USD GDP report released last week showed that growth in the world's largest economy slowed more than expected in the first quarter. Moreover, the official Chinese Manufacturing PMI declined to 49.2 in April from 51.9 in March and further fueled recession fears.
report on Friday. This will play a key role in influencing the near-term USD price dynamics and help determine the next leg of a directional move for the major.
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