USD/JPY trims a major part of BoJ-inspired gains, slides below mid-129.00s amid weaker USD – by hareshmenghani USDJPY BOJ Fed Bonds Currencies
The US Dollar comes under heavy selling pressure following a strong intraday rally and turns out to be a key factor attracting some sellers around the USD/JPY pair at higher levels. Firming expectations for a less aggressive policy tightening by the Fed triggers a fresh leg down in the US Treasury bond yields and weigh on the greenback.
Despite the sharp intraday pullback of over 175 pips from the 131.55-131.60 area, the USD/JPY pair is still up nearly 1% for the day in the wake of the BoJ's dovish policy decision. The Japanese central bank maintained ultra-low interestand left its yield curve control measures unchanged, defying expectations for more hawkish signals. The announcement triggers a steep fall in the Japanese bond yields, recording the biggest drop since September 2003.
and monthly Retail Sales figures later during the early North American session. Apart from this, speeches by a slew of FOMC members and the US bond yields might influence the USD price dynamics. Traders will further take cues from the broader market risk sentiment, which tends to drive demand for the safe-haven JPY. This, in turn, should provide some impetus to the USD/JPY pair and allow traders to grab short-term opportunities.
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