USD/JPY flirts with daily low, around 133.00 mark amid notable USD supply – by hareshmenghani USDJPY Fed Inflation BOJ Currencies
t level since mid-March. Spot prices drop to a fresh daily low, around the 133.00 round-figure mark during the early part of the European session and for now, seem to have snapped a three-day winning streak.
The US Dollar meets with some supply and stalls a four-day-old recovery trend from over a two-month low touched last week, which, in turn, is seen dragging the USD/JPY pair lower. The USD downtick, however, seems limited amid speculations that the Federal Reserve may continue raising interest rates.
Traders might also refrain from placing aggressive directional bets and prefer to move to the sidelines ahead of this week's key data/event risks from the US - the release of consumer inflation figures and the FOMC meeting minutes on Wednesday. This, along with the US Retail Sales report on Friday, will play a key role in influencing the USD price dynamics and provide a fresh directional impetus to the USD/JPY pair.
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