USD/JPY: The dollar rallied to a 5-1/2 week peak as a stronger-than-expected increase in U.S. jobs in June tempered traders’ expectations of a sharp Federal Reserve rate cut at the end of July. The robust job gain slashed expectations of a 50 basis point rate cut at the Fed’s July 30-31 policy meeting, although other data showing the U.S. economy was losing steam indicated a quarter-point rate cut. The pair was trading 0.05 percent up at 108.76, having hit a high of 108.86 earlier, its highest since May 31.
Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. JOLTS job opening and speeches by Fed officials. Immediate resistance is located at 109.08, a break above targets 109.62 (May 31 High). On the downside, support is seen at 108.21 (June 12 Low), a break below could take it lower at 107.81 (June 5 Low).
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