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Market News USD/JPY holds below 148.40 barrier in the face of weak yields ahead of FOMC and NFP

USD/JPY holds below 148.40 barrier in the face of weak yields ahead of FOMC and NFP

During two-day rises, the USD/JPY pair fails to escape a two-week-old slump. The markets remain cautious ahead of the major central bank meetings, according to statistics. Mixed data from Japan and the BOJ's dovish stance keep purchasers optimistic, unless the Fed disappoints markets with a rate hike of less than 0.75 percent.

Alina Haynes

2022-10-31

355

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The USD/JPY pair advances beyond 148.00 for the second consecutive day, gaining 0.45% but retreating from the day's high of 148.26. The yen pair's recent inactivity may be attributable to the market's mixed attitude as well as apprehension ahead of the Federal Open Market Committee (FOMC) meeting announcements and the October US jobs report.

In spite of this, 10-year US Treasury rates oscillate near 4.00% after breaking a 10-week upswing on Friday. Adding to the difficulty for USD/JPY traders is the uneven performance of stocks, as US equity futures post modest losses even as the Dow Jones prepares for its largest monthly gain since 1976.

Japan's September Industrial Production was disappointing, but Retail Sales bolstered yen optimists earlier in the day. According to Reuters, "Japan's factory output dipped in September for the first time in four months as manufacturers wrestled with rising raw materials costs and a global economic downturn," and is expected to decrease again in October before recovering in November.

Due to the US dollar's role as a safe haven, news of Macau's closure of a casino resort and anxieties originating from Russia support the USD/JPY upward. Reuters stated that "Russia, which invaded Ukraine on February 24, suspended its participation in the Black Sea arrangement on Saturday for a "indefinite period" because it could not "ensure the safety of civilian ships" traveling under the treaty after an attack on its Black Sea navy." Concerns that the Fed may propose lowering the pace of rate hikes beginning in December appear to be challenging pair purchasers as of late.

It should be emphasized, however, that the Bank of Japan's (BOJ) reluctance to modify monetary policy in contrast to the Fed's hawkish stance keeps USD/JPY purchasers optimistic.