The USD/JPY pair came under renewed bearish pressure during the American session as another USD selling-wave hit the markets. As of writing, the pair was trading at its lowest level in five days at 106.86, losing 0.35% on a daily basis.
Greenback struggles to find demand
The lack of significant macroeconomic data releases on Tuesday allows the strong inverse-correlation between Wall Street and the US Dollar Index (DXY) to remain intact. With the S&P 500 starting the day at its best level since late February and gaining around 0.7% on the day, the DXY slumped to its lowest level in more than four months at 95.44.
Earlier in the session, the Federal Reserve Bank of Chicago reported that the National Activity Index rose to 4.1 in June to beat the market expectation of 3.24.
In the early trading hours of the Asian session on Wednesday, the Jibun Bank Manufacturing PMI data from Japan will be looked upon for fresh impetus. Until then, the risk perception is likely to continue to impact the USD's performance and USD/JPY's movements.
Reprinted from fxstreet, the copyright all reserved by the original author. #USD/JPY##S&P500##FX##forextrading#
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