The Japanese Yen (JPY) maintained its positive bias against the broadly weaker US Dollar (USD) and dragged the USD/JPY pair down for the fourth straight day, to a fresh weekly low during the Asian session on Friday (5/16).
The JPY's intraday strength seemed unaffected by the release of disappointing Japanese Q1 GDP data amid growing acceptance that the Bank of Japan (BOJ) will raise interest rates again in 2025. Moreover, hopes for an eventual US-Japan trade deal turned out to be another factor lending some support to the JPY.
The US Dollar (USD), on the other hand, continued to struggle to attract buyers after Thursday's unimpressive US macro data, which reaffirmed market bets for more rate cuts by the Federal Reserve (Fed).
This marked a sharp divergence from the BOJ's hawkish expectations and favored JPY bulls. However, optimism over the US-China trade deal limited the safe-haven JPY and helped the USD/JPY pair bounce from levels below the psychological 145.00 level. However, a meaningful recovery for the pair seems elusive. (Newsmaker23)
Source: FXstreet
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