The Yen trims losses after Ueda hinted at further monetary tightening.
US PCE Prices Index and Friday's NFP report will set the Dollar's direction.
USD/JPY is approaching an important support area above 151,65.
The Dollar has extended its pullback against a somewhat stronger Yen on Thursday as the Bank of Japan Governour, Kazuo Ueda hinted at a further interest rate hike “if conditions are met”.
The BoJ maintained its benchmark interest rate at 0.25%, as widely expected, but Ueda reiterated that the Bank remains committed to normalizing its monetary policy. The Yen appreciated across the board following the press release.
US data will set the Dollar's near-term direction
The focus today is on the US PCE Prices Index release, which is expected to show that inflation continued easing towards the Fed’s 2% target rate.
The highlight of the week, however, will be Friday’s Nonfarm Payrolls. The market consensus anticipates a significant decline although the strong ADP has improved market expectations.
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