On US Independence Day, the USD/JPY shows little movement.
【7/4Market Overview
Tokyo time, around the fixing, there were observed demand for yen from domestic real demand, and USD/JPY fell to161.13yen. Afterwards, supported by a firm Nikkei, it recovered to the mid-161s. In European hours, as weak US economic indicators released the previous day raised expectations for a US rate cut, yen buying and dollar selling led, narrowing the US-Japan interest rate gap, and USD/JPY160.94yen.NYtime, with the US Independence Day holiday in effect and markets closed, USD/JPY moved with no clear direction,161yen in the lower-160s.
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