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The USD/JPY advances somewhat above 134.00 as negative sentiment and Fed worries combine with rising interest rates

Daniel Rogers

Feb 20, 2023 11:18

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USD/JPY establishes an intraday high towards the middle of 134.00 as it gains bids to reverse the previous day's decline from a multi-day high on Monday morning. In doing so, the Yen pair reflects the broad US Dollar gain amid fairly gloomy sentiment and the US and Canadian vacations.

 

Nonetheless, geopolitical concerns about China, North Korea, and Russia have recently weighed on market sentiment, despite the short calendar and absence of US/Canadian traders restraining momentum.

 

North Korea fired two ballistic missiles toward Japan over the weekend, reviving concerns that the hermit kingdom is up to something that could endanger the global economy. This is partly owing to the fact that both rockets were classified as tactical nuclear assault weapons.

 

In a similar vein, the most recent meeting between US Secretary of State Antony Blinken and China's top diplomat Wang Yi did not appear to have repaired US-China relations. Possible cause is a comment by a Chinese envoy that the United States must change course and restore the damage caused to Sino-American ties by the indiscriminate use of force. Ambassador Linda Thomas-Greenfield, US representative to the United Nations, declared on Sunday that China would cross a "red line" if it opted to provide lethal military aid to Russia for its invasion of Ukraine.

 

Meanwhile, better-than-expected readings of the US Consumer Price Index (CPI) and Retail Sales followed earlier positive readings of employment and output statistics and raised US Treasury bond yields and the US Dollar. The hawkish Federal Reserve (Fed) views and the aforementioned risk-negative factors may be comparable.

 

Fed Governor Michelle Bowman recently observed, as reported by Reuters, "We are observing an abundance of contradictory economic data." As reported by Reuters, Thomas Barkin, president of the Richmond Federal Reserve, claimed that they are detecting some inflationary progress due to the normalization of demand.

 

It should be underlined that the mixed leaning for the Bank of Japan’s (BoJ) new monetary policy board and chatters of more inflation in Japan likely to place a floor under the Yen.

 

Among these trades, the S&P 500 Futures print small losses even as Wall Street closed neutral. It’s worth noting that the US 10-year Treasury bond yields jumped to the highest levels since early November in the last week and helped the DXY to register a three-week advance.

 

For forward, Japan’s National Core Inflation figures will join the second reading of the US fourth quarter (Q4) Gross Domestic Product to steer immediate USD/JPY fluctuations. Yet, the most attention will be paid to the Federal Open Market Committee (FOMC) Meeting Minutes.

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