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1 Nov 2023

USD/JPY retreats from the yearly high, hovers above 151.00

  • USD/JPY strengthened as the BoJ scrapped the 1% ceiling for the 10-year government bond yield.
  • BoJ Governor Ueda expressed fear about inflation not reaching long-term targets.
  • Japan's Chief Cabinet Secretary Matsuno engaged in some verbal intervention to bolster the yen.

USD/JPY trades around 151.20 during the Asian session on Wednesday, pulling back from the yearly high marked after the Bank of Japan (BoJ) removed the 1% ceiling for the 10-year government bond yield on Tuesday.

Following the adjustment to the yield curve control (YCC), BoJ Governor Kazuo Ueda adopted a notably dovish stance. He expressed apprehensions about inflation not definitively reaching the BoJ's long-term targets.

Japan's Chief Cabinet Secretary, Hirokazu Matsuno, engaged in some verbal intervention to bolster the yen. He stressed the importance of currencies moving in a stable manner that reflects fundamentals, expressing disapproval of rapid foreign exchange (FX) fluctuations. While refraining from commenting on specific Forex levels, Matsuno did not rule out the possibility of taking measures to address disorderly FX movements.

Moreover, the unexpected decline in China's Caixin Manufacturing Purchasing Managers' Index (PMI) to 49.5 in October, down from September's expansion at 50.6, as disclosed in the latest Wednesday data, has added pressure on the Japanese Yen (JPY).

The US Dollar Index (DXY) is on a two-day upward trajectory, buoyed by elevated US Treasury yields. The index trades higher near 106.70 at the time of writing. Additionally, the market anticipates the imminent policy decision from the US Federal Reserve (Fed), pointing toward the central bank maintaining its current monetary policy stance in the Wednesday meeting.

Investors will closely watch the Federal Open Market Committee's (FOMC) post-meeting communication, eager for insights that could help gauge the potential path of interest rates. The data-driven considerations for December add an extra layer of anticipation to the market dynamics.

Traders will also watch the pivotal indicators like the US ADP Employment Change and ISM Manufacturing PMI for October in the North American session.

 

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Gold price extends its pullback from a multi-month top; focus remains on FOMC

Gold price (XAU/USD) extends the previous day's retracement slide from the vicinity of a five-and-half-month top touched last week and continues drifting lower during the Asian session on Wednesday.
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