The Japanese Yen (JPY) gains strong positive traction during the Asian session on Thursday and recovers further from its lowest level since November 2023 touched the previous day.
The Japanese Yen attracts strong buying and snaps a seven-day losing streak to the YTD low. The upbeat domestic macro data and BoJ rate hike speculations provide a boost to the JPY. The post-FOMC USD selling bias further contributes to the intraday fall in the USD/JPY pair. The Japanese Yen gains strong positive traction during the Asian session on Thursday and recovers further from its lowest level since November 2023 touched the previous day.
In the post-meeting press conference, Fed Chair Jerome Powell said that the recent high inflation readings had not changed the underlying story of easing price pressures, though kept officials on a cautious footing. The US Dollar extends the previous day's post-FOMC pullback from a two-week high and drifts lower for the second straight day, which is seen as another factor exerting downward pressure on the USD/JPY pair.
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