During European trading hours, the USD/JPY is trending lower.
Following Friday’s loss, the US Dollar Index is struggling to recover.
The market is predicted to stay quiet for the rest of the day.
The USD/JPY pair dipped quickly after reaching its highest level in more than a year at 111.67 on Friday, but managed to conclude the week above 111.00. Following a stabilization phase during Monday’s Asian session, the pair continued to correct and was last spotted at 110.82, down 0.2 percent on the day.
The USD’s market valuation drives USD/JPY fluctuations on Monday in the absence of strong fundamental factors and high-tier macroeconomic data releases. Despite a stronger-than-expected Nonfarm Payroll print for June, the greenback is under pressure ahead of the weekend due to the unchanged Labor Force Participation Rate and slightly higher Unemployment Rate.
The US Dollar Index, which fell 0.3 percent on Friday, is now trading at 92.18, with moderate daily losses. Due to the Independence Day holiday on Monday, financial markets in the United States will be closed, and market volatility is unlikely to ramp up during the American session.
The Labor Cash Earnings and Overall Household Spending data for May will be released on Tuesday in Japan’s economic calendar. Later in the day, the US ISM Services PMI data will be scrutinized for new impetus./n
