Japanese Yen edges higher after weak US employment data
USD/JPY trades under modest pressure on Wednesday as easing tensions in the Middle East and weaker US labour market data weigh on the US Dollar (USD). At the time of writing, the pair trades around 157.45, down 0.20% on the day.
The Japanese Yen (JPY) edged higher on Wednesday after the release of weak US employment data, as market sentiment turned more positive. The USD/JPY pair traded around 157.45, down 0.20% for the day, as easing tensions in the Middle East and a potential deal between the US, Iran and Oman weighed on the US Dollar (USD). The US Dollar Index (DXY) also fell 0.21% on the day, indicating a weaker Greenback.
Market strategists at BNY Mellon noted that recent coordinated interventions helped Japan's Yen recover, but more advancement requires credible domestic action from the Bank of Japan. Meanwhile, US labor market data showed a modest rise in ADP Employment Change but fell short of expectations, adding to the pressure on the USD. Traders now await the upcoming Nonfarm Payrolls (NFP) report for further insight into the US labor market.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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