USDJPY Approaching Crucial 150 Mark; JPYINR Deep In Red Below 56 Mark

Published on Oct 03, 2023 12:00

The Japanese yen is hanging at a crucial juncture, just below 150 mark owing to massive gains in the greenback overseas. This level had triggered BoJ intervention last year. The dollar index accrued strength on the back of a surge in US benchmark treasury yields as Fed officials reiterated stance to keep interest rates at higher levels for prolonged periods. Federal Reserve (Fed) Governor Michelle Bowman stated on Monday that it sounds appropriate to raise the policy rate further and maintain it at restrictive levels for an extended period. The 10-year US Treasury yield rose above its highest level since 2007 to around 4.7% while the dollar index spirraled to new highs and is currently quoting at 106.86. Meanwhile, USDJPY pair is seen trading at 149.86. On the NSE, JPYINR October futures contract is quoting deep in red at 55.87, down 0.36% on the day.