Japanese Yen stalls amid soft JOLTS data
USD/JPY trades on the back foot near the 157.40 area during Tuesday's American session as the Japanese Yen (JPY) builds on the gains secured over the past week.
During Tuesday's American session, the Japanese Yen (JPY) struggled amid muted U.S. jobless data, as the currency gained momentum from the preceding week. The softness in U.S. labor demand, evidenced by the Job Openings and Labor Turnover Survey, contributed to the dip in the U.S. Dollar (USD), while falling energy prices provided additional support for the Japanese currency.
The survey revealed that job vacancies fell to 7.359 million in June, down from a revised 7.537 million in May, a figure that fell short of the 7.4 million consensus. This cooling of labor demand dampened expectations for further Federal Reserve (Fed) rate hikes and put downward pressure on U.S. Treasury yields, narrowing the interest rate differential that had been supporting the USD/JPY pair throughout the year.
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