The Japanese Yen (JPY) found it challenging to leverage the uptick from hotter-than-expected domestic consumer inflation seen the previous day, facing a fresh influx of supply on Wednesday amidst the Bank of Japan's (BoJ) policy uncertainty.
This scenario, along with a recent surge in risk-on trading sentiment across global stock markets, has been pivotal in diminishing the safe-haven appeal of the JPY.
Conversely, the US Dollar (USD) gained support from the growing consensus that the Federal Reserve (Fed) might hold off on interest rate cuts until its June policy meeting. This support is expected to bolster the USD/JPY pair's growth overnight from the psychological benchmark of 150.00, sustaining modest gains into the European trading session on Wednesday.
This scenario, along with a recent surge in risk-on trading sentiment across global stock markets, has been pivotal in diminishing the safe-haven appeal of the JPY.
Conversely, the US Dollar (USD) gained support from the growing consensus that the Federal Reserve (Fed) might hold off on interest rate cuts until its June policy meeting. This support is expected to bolster the USD/JPY pair's growth overnight from the psychological benchmark of 150.00, sustaining modest gains into the European trading session on Wednesday.
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