- The USD / JPY continues to weaken during the US session.
- The US dollar index continues the decline to new 16-day lows.
- The FOMC will publish the minutes of its April meeting at 6:00 p.m. GMT.
Widespread selling pressure around the USD prompted the USD / JPY to continue its daily slide during US trading hours. At the time of writing, the pair was down 0.22% on a daily basis to 107.45.
The USD market valuation impacts the movements of the USD / JPY
The good performance of the main stock market indices in the United States seems to have put the greenback under renewed selling pressure in the absence of significant macroeconomic data. Currently, the top three Wall Street indices are up between 1.7% and 2.05% and the US dollar index is at its lowest level in more than two weeks at 99.05.
Earlier today, Dallas Fed President Robert Kaplan said the Fed will have to do more to support the economy, but that it has been largely overlooked by market participants.
At 6:00 p.m. GMT, the FOMC will publish the minutes of its monetary policy meeting from April 28 to 29. FXStreet analyst Joseph Trevisani said any positive mention of negative interest rates could weigh on the greenback.
Meanwhile, the optimistic mood in the market on Wednesday also makes the JPY difficult and is helping the pair limit its losses for the time being.
On Thursday, at the start of the Asian session, data on the manufacturing PMI from Jibun Bank and Japan’s trade balance will be examined for a new boost.