USD/JPY Aims To Extend Upside To Near 150.00 As Yen Weakens Across The Board
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- USD/JPY jumps to near 149.80 as the Japanese Yen weakens on a slight correction in 10-year JGBs.
- The BoJ is expected to raise interest rates further this year.
- The US Dollar bounces back as investors digest weak US PMI data.
The USD/JPY pair advances to near 149.80 in North American trading hours on Monday. The asset gains as the Japanese Yen (JPY) weakens across the board amid a slight correction in 10-year Japan bond yields.
Japanese Yen PRICE Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.09% | -0.11% | 0.34% | -0.05% | -0.22% | -0.15% | 0.10% | |
| EUR | 0.09% | -0.11% | 0.28% | -0.15% | -0.14% | -0.24% | 0.02% | |
| GBP | 0.11% | 0.11% | 0.44% | -0.04% | -0.04% | -0.14% | 0.12% | |
| JPY | -0.34% | -0.28% | -0.44% | -0.39% | -0.48% | -0.41% | -0.15% | |
| CAD | 0.05% | 0.15% | 0.04% | 0.39% | -0.23% | -0.10% | 0.17% | |
| AUD | 0.22% | 0.14% | 0.04% | 0.48% | 0.23% | -0.10% | 0.16% | |
| NZD | 0.15% | 0.24% | 0.14% | 0.41% | 0.10% | 0.10% | 0.26% | |
| CHF | -0.10% | -0.02% | -0.12% | 0.15% | -0.17% | -0.16% | -0.26% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Investors rushed to buy Japanese bonds after Bank of Japan (BoJ) Governor Kazuo Ueda said on Friday that the central bank could ramp up the government bond-purchasing program if long-term interest rates rise sharply. 10-year JGBs decline to near 1.41% from 1.45%, the highest level seen in almost 15 years.
Meanwhile, firm expectations that the BoJ will raise interest rates again this year would keep the Japanese Yen on the front foot. Hotter-than-expected Japan’s National Consumer Price Index (CPI) data for January also added to expectations that the BoJ will tighten its monetary policy further.
On the US Dollar (USD) front, a strong recovery has been seen after sliding to its lowest in almost 12 weeks. The US Dollar Index (DXY) rebounded to near 106.60 as investors digest weak United States (US) flash S&P Global Purchasing Managers’ Index (PMI) data for February, released on Friday. The Composite PMI fell to 50.4 from 52.7 in January as activities in the services sector declined unexpectedly for the first time after expanding for straight 25 months.
Weak US private business activity data has resulted in a decent increase in Federal Reserve (Fed) dovish bets. The likelihood for the Fed to cut interest rates in the June meeting has increased to 58% from almost 50% a week ago, according to the CME FedWatch tool.
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EUR/USD Weakens On Slower-than-expected Growth In Flash Eurozone PMI
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