The Japanese Yen (JPY) moves higher against its American counterpart for the second straight day on Friday and jumps to over a two-week-high during the Asian session.
The Japanese Yen strengthened for the second straight day against the USD on Friday. The risk-off mood, along with intervention fears, boosts demand for the safe-haven JPY. The Fed rate-cut uncertainty undermines the USD and contributes to the USD/JPY’s fall. Traders now look to the release of the US jobs data for some meaningful impetus.
Meanwhile, Minneapolis Fed President Neel Kashkari said that he penciled in two interest rate cuts this year and that rate cuts might not be required if inflation continues to move sideways. Adding to this, Richmond Fed President Thomas Barkin noted that he was open to interest rate cuts once it is clear progress on inflation will be sustained and applied more broadly in the economy.
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