The Japanese Yen (JPY) has started this week with a slight weakening, although there has been no significant follow-up in the past two weeks against the US Dollar. The Bank of Japan (BoJ) remains cautious, and the uncertainty surrounding future interest rate hikes, along with risk-on sentiment, continues to weaken the JPY, which is typically considered a safe haven. However, signs of potential government intervention to address the sharp decline in the value of the JPY may prevent further depreciation.

Meanwhile, the US Dollar (USD) is struggling to attract buyers due to expectations that the Federal Reserve (Fed) will begin lowering interest rates in June, supported by unremarkable US Personal Consumption Expenditures (PCE) data. This may limit further gains in the USD/JPY pair. Traders are now awaiting the release of important US economic data scheduled for early this month, starting with the ISM Manufacturing PMI on Monday, seeking momentum ahead of the Nonfarm Payrolls (NFP) report on Friday.

Daily Market Movement Summary: Yen Rate Weakens, China Recovers, Dollar Stabilizes

  • BoJ Dovish, Yen Rate Depreciates
  • Chinese Manufacturing Rises, Positive Momentum
  • China's Data Reflects Economic Recovery
  • BoJ Tankan Survey: business sentiment in the manufacturing sector but an increase in the non-manufacturing sector.
  • Japanese Manufacturing PMI
  • Japanese Finance Minister Ready for Market Intervention 
  • Japanese Monetary Authorities Accelerate Emergency Meetings
  • US PCE Rises 0.3% in February, Influencing Fed Rates
  • Core PCE in the US Increases 2.8% Year-on-Year
  • Dollar Declines from Recent Highs, Impacting USD/JPY Pair
  • Traders Anticipate US Data Releases

    Read Also:

    Rumors of Intervention: Yen's Exchange Rate Against the USD Could Drop 10?

    Dollar Breaks Down! Japanese Yen Today Surges to Level 145

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