Japanese Yen bears remain cautious amid intervention fears, not ready to give up yet
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The Japanese Yen continues to be undermined by the Bank of Japan's cautious stance and the risk-on mood. Intervention fears limit further JPY losses and cap the USD/JPY pair amid a modest USD weakness. The US PCE Price Index keeps a June rate cut by the Fed on the table and weighs on the Greenback. Signs of potential government intervention in the market to address excessive falls in the JPY hold back JPY bears from aggressive bets. China's manufacturing activity expanded for the first time in six months in March, providing an additional boost to investors' confidence and contributing to the offered tone surrounding the safe-haven JPY. Business optimism among large manufacturers eased to 11 during the first quarter from 12 in the last survey. Japan's Finance Minister Shunichi Suzuki said there were speculative moves behind the recent JPY fall, suggesting authorities remained ready to intervene in the market. The US PCE Price Index rose 0.3% in February, slightly lower than the 0.4% estimated, while the yearly rate edged up to 2.5% from the 2.4%. The core PCE Price Index rose 2.8% on a yearly basis. Traders now look forward to important US macro data scheduled for release at the start of a new month, starting with the ISM Manufacturing PMI on Monday for some impetus ahead of the key monthly jobs report on Friday.
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