Japanese Yen strengthens in reaction to upward revision of Japan’s Q1 GDP print
The Japanese Yen (JPY) edges higher at the start of a new week in reaction to an upward revision of Japan's Q1 GDP print.
This comes on top of signs of broadening inflation in Japan and reaffirmed bets that the Bank of Japan (BoJ) will continue raising interest rates, which, in turn, provides a modest lift to the JPY.
Adding to this, a modest US Dollar (USD) downtick exerts some downward pressure on the USD/JPY pair during the Asian session.
The JPY, for now, seems to have snapped a two-day losing streak against its American counterpart, though traders might refrain from placing aggressive directional bets ahead of the key US-China trade talks in London.
Moreover, stronger-than-expected US jobs data released on Friday dampened hopes for imminent interest rate cuts by the Federal Reserve (Fed) this year, which could act as a tailwind for the USD and limit losses for the USD/JPY pair.
Source: FXStreet