Dollar/yen slips on remarks from Fed Chair Powell, but 162 yen level is maintained.

【7/1Market Overview

In Tokyo time, the USD/JPY rose to as high as162.84yen amid expectations of earlier U.S. interest rate hikes. After some buying ran its course, gains were limited at the low end, but the downside was also very limited. Notably, there were no remarks from Japanese currency authorities warning against a weaker yen. In European trading, USD/JPY hovered in the high 162s.162yen range in the late yen session.NYtime, Fed Chair Jerome Powell said at theFRB“ECB Forum” that “inflation expectations and inflation risks have declined over the past several weeks,” causing the U.S. 10-year yield to fall, and the USD/JPY declined to162.28yen, then were bought back toyen.

Additionally, the data released this day showed6月ADPNational Employment Report,6月 US ManufacturingPMIrevisions,6月 USISMmanufacturing index all came in below expectations.

【7/2Market View