Yen Trades Weaker Amid A Rebounding Dollar

Yen Trades Weaker Amid A Rebounding Dollar

03 May 2021 01:32 PM

USD/JPY traded weaker around 109.60 amid a rebound in Dollar index from 2-month lows.

US Treasury Secretary Janet Yellen’s backed President Joe Biden’s stimulus plan boosting the risk appetite and hampering Yen’s safe-haven appeal. Also weighing on the pair is Dollar rising amid US inflation worries.

On the other hand, no deal between the US and Iran and North Korea’s indirect warning to the US may hamper the risk appetite. Japan’s record high patients having severe covid symptoms also weighed on the sentiment.

Going ahead, with no major catalyst from Japan, the focus will be on April’s US PMI figures due out later today.