Recession fears weighed on investors’ sentiment and benefitted the safe-haven JPY.pair surrendered its modest intraday gains and was last seen hovering near the lower end of the daily trading range, just below the 127.00 mark during the early North American session.
The market sentiment remains fragile amid growing concerns about softening global economic growth amid the prospects for a more aggressive move by major central banks to constrain inflation. Furthermore, the Russia-Ukraine war and the latest COVID-19 outbreak in China have been fueling recession fears, which continued weighing on investors' sentiment. This, in turn, extended some support to the safe-haven Japanese yen and acted as a headwind for the USD/JPY pair.
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