Japanese Yen Attempts Recovery From 7-Week Low Against Dollar

Published on Jan 18, 2024 12:38

The Japanese yen retraces back to 147 levels against the dollar on Thursday after having dropped below 148 mark in the previous session, its lowest level in seven weeks. Reduced bets of an early rate cut pushed dollar and US treasury yields higher this week that weighed on peer currencies. Better-than-expected US retail sales data pushed back expectations of rate cuts. US retail sales climbed by 0.6 percent in December after rising by 0.3 percent in November. Federal Reserve Christopher Waller also pushed back this week against aggressive bets on policy easing. US benchmark treasury yields were holding above 4% while dollar index climbed above 103 mark, adding pressure on the basket currencies. USDJPY hit 148.23 yesterday before easing back to 147.80 currently, down 0.24% on the day amid mild pullback in greenback overseas. Investors now look ahead to domestic inflation data on Friday and the BOJ�s policy decision next week. On the NSE, JPYINR futures are gaining some ground after staying mostly in negative so far through the day. The pair is quoting at 56.42.