The Japanese Yen (JPY) oscillated within a range against the US currency during the Asian session on Wednesday (August 6th), moving little following the release of less-than-impressive macro data. Japan's inflation-adjusted real wages fell for the sixth consecutive month in June, fueling concerns about a consumption-driven recovery.
This occurred amid domestic political uncertainty and dampened speculation of an imminent interest rate hike by the Bank of Japan (BoJ). Furthermore, signs of stability in the equity market have hampered the JPY's safe-haven stance.
Meanwhile, the BoJ revised its inflation forecast at the end of its July meeting and left open the possibility of further interest rate hikes later this year. This may discourage JPY investors from placing aggressive bets.
On the other hand, the US Dollar (USD) may struggle to attract potential buyers amid expectations of a Federal Reserve (Fed) rate cut, reinforced by the disappointing release of the US ISM Services PMI on Tuesday. This, in turn, will limit the USD/JPY pair's overnight gains from its two-week low. (alg)
Source: FXstreet
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