The robust prints from US Nonfarm Payrolls for the month of May helped the Greenback end the week with a humble advance against the backdrop of alternating trends of rate-cut bets by the Fed, all ahead of the release of key US inflation data and the FOMC event.
The US Dollar managed to bounce off earlier two-month lows in the 104.00 neighbourhood in response to strong NFP results, the jump in US yields across the curve, as well as further repricing of rate cuts in Q4. The following week will see the publication of the US Inflation Rate on June 12, along with the FOMC gathering and the usual press conference by Chair J. Powell. On June 13, Producer Prices are due along with weekly Initial Jobless Claims.
In spite of the sharp post-NFP U-turn, USD/JPY ended the week with a modest retracement near the 157.00 region, reversing two consecutive weeks of gains. The final Q1 GDP Growth Annualized is due on June 10, along with Bank Lending figures and the Eco Watchers Survey. Producer Prices in Japan come on June 12, seconded by the BSI Large Manufacturing gauge and the usual weekly Foreign Bond Investment figures on June 13.
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