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The USD/JPY hits YTD highs of 145.56 but trades softer at 146.12, marking a 0.15% decline. Economic concerns in China, including the fears of economic slowdown in consumption, property market troubles, and shadow banking issues, weigh on global sentiment.
US Initial Jobless Claims are slightly better than expected, while the Philadelphia Fed Manufacturing Index shows improvement.
USD/JPY trades with a softer tone after hitting year-to-date (YTD) highs of 145.56 amid UST bond yields climbing as investors speculate further tightening by the Fed in the coming months. Global bond yields advanced, but the US dollar failed to gain traction. The USD/JPY is trading at 146.12, with losses of 0.15%.
The Japanese Yen is recovering ground amid risk-aversion, spurred by investors expecting the Fed could skip from hiking rates in September. Chances for additional tightening in November increased compared to a week ago at 34.6%, above last week’s 27.8%.
