USD/JPY traces softer yields to slid beneath 131.00, US President Biden’s SOTU eyed – by anilpanchal7 USDJPY RiskAppetite Fed BOJ YieldCurve
the recent weakness in the US Treasury bond yields amid the sluggish start of Wednesday’s Tokyo trading. It’s worth noting that mixed Japan data and Fedspeak joins geopolitical concerns to weigh on the quote of late.
US 10-year Treasury bond yields snap a three-day uptrend while retreating from a one-month high of around 3.68% to 3.67% by the press time. The same weigh on the US, down for the second consecutive day to near 103.30 at the latest. That said, the S&P 500 Futures print mild losses to track Wall Street and portray downbeat sentiment.
Japan’s trade deficit eased to ¥-1,225.6B versus ¥-1,814.6B expected and ¥-1,537.8B prior but the Current Account balance softened to ¥33.4B from ¥1,803.6B previous readings and ¥98.4B. Elsewhere, Minneapolis Federal Reserve President Neel Kashkari told CNN, "We may have to hold rates at a higher level for longer," while adding that he is not forecasting a recession. Following that, Federal Reservesaid, “Expect 2023 to be a year of significant declines in inflation,” while also adding that if data were to continue to come in stronger than expected, would certainly raise rates more.
It should be noted that optimism surrounding the Japanese government’s wage talks to labor representatives, during March, seems to have favored the optimism at home. However, China’s rejection of the Pentagon's request keeps the geopolitical tension high.traders should rely on the Bank of Japan talks to aim for further downside, especially amid recent hawkish concerns surrounding the Japanese central bank.
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