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USD / JPY Traces Recovery In Yields To Rebound From a One-Month Low To 135.00, US Inflation, And BoJ Minutes Are Anticipated

Alina Haynes

Mar 13, 2023 11:42

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USD / JPY reverses course from the one-month low noted earlier in Asia, gaining bids to 134.50 during the first hour of Tokyo open on Monday. Despite this, the retirement of Bank of Japan (BoJ) Governor Haruhiko Kuroda has provoked hawkish demands for the Japanese central bank's next steps. The cautious tone preceding this week's top-tier data/events, such as the BoJ Minutes and the US consumer-centric numbers, such as the Consumer Price Index (CPI) and Retail Sales for February, may also present a challenge to pair purchasers.

 

The Yen pair's recent recovery may be attributable to recently higher US Treasury bond yields and a risk-on market sentiment, primarily driven by US regulators' efforts to contain the financial market risks posed by Silicon Valley Bank (SVB) and Signature Bank. However, US 10-year Treasury bond yields recover from their largest daily loss in four months to near 3.75%, while S&P 500 Futures recover from a nine-week low.

 

Over the weekend, the US Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) collaborated to reduce the risks posed by SVB and Signature Bank. In a joint statement released minutes ago, the authorities stated that "all depositors of Silicon Valley Bank and Signature Bank will be fully protected."

 

In a joint statement released minutes ago, the authorities stated that "all depositors of Silicon Valley Bank and Signature Bank will be fully protected." Following the US government's late plan to contain the financial crisis, the S&P 500 Futures and US Treasury bond yields consolidate their losses from the previous day.

 

Despite the risk-on sentiment, rising hawkish bets on the Bank of Japan's next move, especially after Kuroda's retirement, appear to exert downward pressure on USD / JPY prices. Observers of the Federal Reserve (Fed) may be similarly undecided following Friday's conflicting US employment data. As a result, the US Nonfarm Payrolls (NFP) increased by more than 205K in February, to 311K, compared to 504K (revised), while the Unemployment Rate increased to 3.6% for the month, compared to 3.5% expected and previously. In February, Average Hourly Earnings increased year-over-year but decreased month-over-month, while Labor Force Participation increased.

 

In the future, Wednesday's BoJ Minutes will be crucial in affirming the latest hawkish bias for the Japanese central bank's next move, which, if in accordance with market expectations, could impact USD / JPY prices. If US consumer-centric data is stronger than anticipated ahead of the crucial March Fed Open Market Committee, USD / JPY investors may return (FOMC).

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