US ADP forecast miss prompts increased expectations of a U.S. rate cut, pushing dollar/yen lower.

【12/3Market Overview

Tokyo time, the dollar/yen fell to as low as 155.61 yen, pressured by the rise in domestic long-term yields and the decline in US 10-year yields after hours. In European time, with Likely next FRB Chair Jerome Powell’s ally Hasset viewed as a strong candidate, expectations that he would push for rate cuts in line with President Trump’s wishes led to declines in US long-term yields and a sell-off of the dollar.NYtime, if the November ADP employment figures come in below expectations, the dollar/yen could fall to 155.22 yen. Afterwards, if the November ISM Non-Manufacturing Index comes in above expectations, the dollar/yen could rise to 155.61 yen, but the rebound would be temporary, retreating to around 155.01 yen.

【12/4Market View