The USD/JPY pair weakened near 147.60 during the early Asian session on Wednesday. The US dollar (USD) remained weak against the Japanese yen (JPY) as traders continued to digest various comments from Fed officials, while key indicators of US business activity slightly disappointed investors. On Wednesday, US New Home Sales data for August will be released.
Fed Chairman Jerome Powell said on Tuesday that weakness in the labor market outweighed concerns about stubborn inflation, which led to his decision to cut the benchmark interest rate at last week's September meeting. However, Powell further stated that he was comfortable with the current policy path, although he indicated the possibility of further cuts if the FOMC sees the need for more accommodative measures.
Money markets are currently pricing in a nearly 90% probability of a Fed rate cut in October, down slightly from 92% the day before, according to the CME FedWatch tool.
On the other hand, political uncertainty in Japan following the resignation of Prime Minister Shigeru Ishiba could weigh on the JPY and provide some fresh impetus for the currency pair. The Liberal Democratic Party (LDP) leadership election will take place on October 4, and the outcome could influence the timing of the Bank of Japan's (BoJ) next interest rate hike if a dovish candidate is elected. (alg)
Source: FXstreet
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