Japanese Yen seems poised to register weekly gains against a softer USD
The Japanese Yen (JPY) sticks to intraday bullish bias through the first half of the European session on Friday, which, along with a softer US Dollar (USD), keeps the USD/JPY pair depressed below mid-144.00s. Strong Household Spending data released earlier today from Japan revives Bank of Japan (BoJ) rate hike bets and boosts the JPY. Apart from this, the uncertainty over US President Donald Trump's policies further benefits the safe-haven JPY.
Meanwhile, investors remain worried that trade tensions triggered by Trump's threat to impose more tariffs on Japan, over its alleged unwillingness to buy American-grown rice, could complicate the BoJ's efforts to normalise monetary policy. Apart from this, the prevalent risk-on environment might contribute to capping further gains for the JPY. Traders also seem reluctant amid a relatively thin liquidity on the back of the Independence Day holiday in the US.
Source: Fxstreet