USD/JPY Bears Dominate as US Dollar Hovers Near 2-Month Lows

5 เม.ย. 2023

The bears appear to be in charge of the USD/JPY as the US Dollar lingers close to a 2-month low. The market's focus now shifts to Friday's Nonfarm Payrolls jobs data. The USD/JPY has dropped in Tokyo, reflecting the US Dollar's continued weakness. The pair is currently trading at around 131.50 and has fallen from its earlier high of 131.73 to a low of 131.30.

The US Dollar remains under pressure, hovering near its two-month lows, as a result of several concerning data releases from the United States. These developments have reduced expectations of a more hawkish Federal Reserve, which now seems to be approaching the end of its monetary tightening cycle. Overnight data shows that labor market conditions may finally be easing, with job openings, a key labor demand indicator, down by 632,000 to 9.9 million on the final day of February.

Furthermore, US factory orders have declined for the second consecutive month, falling by 0.7% in February after a 2.1% decline in January, following a 1.7% increase in December. This data follows the Institute for Supply Management (ISM)'s report yesterday that its Manufacturing PMI dropped to 46.3 last month, the worst level since May 2020, from 47.7 in February.

5 เม.ย. 2023

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5 เม.ย. 2023

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