Powell's testimony before the FRB chair not giving hints on timing of U.S. rate cuts, USD/JPY rises.

【7/9Market Overview

During Tokyo time, the USD/JPY rose to161.13yen at the fix, but then stalled around160.80yen. In European time, with the U.S. 10-year Treasury yield rising, the USD/JPY strengthened to161.10yen. In New York time, Fed Chair Powell said in his congressional testimony before the Senate Banking Committee that regarding monetary policy, they would assess at each meeting, “recent inflation data show a gentle progress toward the 2% goal,” and “as more good data arrives, confidence in the inflation outlook would strengthen,” and “it would not be appropriate to cut rates until there is a stronger conviction that inflation is moving toward 2% on a sustained basis.” Overall there were no major changes, and with no hints on the timing of a rate cut, after the testimony U.S. 10-year Treasuries rose and the USD/JPY rose to161.51yen.