The Japanese Yen (JPY) traded in the negative territory on Wednesday. Upbeat US Manufacturing PMI data and this week's jobs data indicated that the US economy remains strong, which boosted the greenback.
However, traders are increasingly convinced that the Bank of Japan (BOJ) will raise interest rates this month. This, in turn, could support the JPY in the near term.
Further, ongoing political uncertainty in France, political tensions in South Korea, and rising geopolitical risks in the Middle East could boost safe-haven flows, benefiting the JPY against the USD. Investors will be keeping an eye on the final reading of the Japan Jibun Bank Services PMI, due on Wednesday.
On the US docket, the ADP Employment Change report, the final S&P Global Services PMI, the ISM Services PMI, and the Fed's Beige Book are due for release. Federal Reserve (Fed) Chairman Jerome Powell is scheduled to speak later in the day.
Source: FXStreet
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