USD/JPY bears are making a move following Japan GDP.
137 is being tested while investors await the next catalyst in US jobs data.
USD/JPY is slightly pressured and is testing below 137.00 in the Tokyo open while the US Dollar paused its advance following Federal Reserve Jerome Powell's second day on Capitol Hill. Meanwhile, in recent trade, Japan's Gross Domestic Product was released by the Cabinet Office as follows:
Japanese GDP Annualised SA (QoQ) Q4 F: 0.1% (exp 0.8%; prev 0.6%).
GDP SA (Q/Q) Q4 F: 0.0% (exp 0.2%; prev 0.2%).
GDP Nominal SA (QoQ) Q4 F: 1.2% (exp 1.3%; prev 1.3%) .
USD/JPY is down some 15 pips following the data while the US Dollar was otherwise steady in prior trade but down from three-month highs that were reached earlier on Wednesday after Federal Reserve Chairman Jerome Powell offered no major surprises on his second day of testimony before Congress and as investors waited for jobs data on Friday.
USD/JPY rallied on Tuesday when Fed's Powell said the central bank will likely need to raise interest rates more than expected in response to strong data. He added that the Fed would be prepared to move in what has been perceived by the market as a 50bp hike if the data suggested tougher measures were needed to control inflation. Consequently, Fed funds futures traders now see a 70% probability of a 50 basis-point hike at the Fed’s March 21-22 meeting, up from around 22% before Powell spoke on Tuesday. The rate is now expected to peak at 5.69% in September.
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