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Category: CRYPTO NEWS
The post Japanese Yen drops to three-week low, around 154.00 against USD appeared on BitcoinEthereumNews.com. The Japanese Yen drifts lower against its American counterpart for the sixth straight day. Expectations that the BoJ will keep rates steady this week continue to weigh on the JPY. Elevated US bond yields contribute to driving flows away from the lower-yielding JPY. The Japanese Yen (JPY) struggles to capitalize on a modest Asian session uptick on Monday and touches a three-week low against its American counterpart in the last hour. The initial reaction to the better-than-expected release of Core Machinery Orders and flash Manufacturing PMI from Japan turned out to be short-lived amid firming expectations that the Bank of Japan (BoJ) will not raise interest rates later this week. Furthermore, bets for a less dovish Federal Reserve (Fed) remain supportive of elevated US Treasury bond yields and turn out to be another factor undermining the lower-yielding JPY. That said, persistent geopolitical risks stemming from the protracted Russia-Ukraine war and the ongoing conflicts in the Middle East, along with concerns about US President-elect Donald Trump’s tariff plans, could limit losses for the safe-haven JPY. Traders might also refrain from placing aggressive directional bets and keenly await this week’s key central bank event risks. The Fed is scheduled to announce its decision at the end of a two-day meeting on Wednesday, which will be followed by the crucial BoJ meeting on Thursday and help in determining the next leg of a directional move for the JPY. Japanese Yen bears retain control amid bets that the BoJ will maintain the status quo Government data released earlier this Monday showed that Japan’s core machinery orders rose 2.1% in October and registered a strong growth of 5.6% on a year-on-year basis. The au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) improved to 49.5 in December, though remained in contraction territory for the seventh…
2024-12-16T03:28:14+00:00