The spot attempts recovery in tandem with the Treasury yields. Fed’s emergency 50 bps rate cut threw US dollar under the bus. Coronavirus risks continue to underpin the yen amid risk-off. USD/JPY is seen making minor recovery attempts from a new five-month low of 107.18, reached after the US Federal Reserve (Fed) unexpectedly cut the interest rates by 50 bps to cushion the coronavirus impact on the economy. Fed shocks the markets The surprise Fed rate cut announcement triggered a sharp sell-off the US dollar across its main competitors, as the US benchmark 10-year Treasury yields slumped to a fresh record low of 1.028%. Moreover, the Fed’s pre-emptive move to tackle the coronavirus crisis cautioned the investors, as a risk-aversion wave gripped the US markets and bolstered the safe-haven demand for the yen. The renewed uptick in the spot is mainly driven by the bounce seen in the US yields, which in turn fueled a generalized recovery in the greenback. The USD index bounces-off a two-month low of 97.00 to now trade around 97.30, almost unchanged on the day. However, the further recovery gains remain elusive amid steep losses in the S&P 500 futures and sell-off on the Wall Street indices. Meanwhile, the risk remains to the downside in the majors amid looming coronavirus risks. USD/JPY technical levels to consider FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next SNB’s Maechler: Policy rests on negative interest rates, readiness to intervene FX Street 3 years The spot attempts recovery in tandem with the Treasury yields. Fed’s emergency 50 bps rate cut threw US dollar under the bus. Coronavirus risks continue to underpin the yen amid risk-off. USD/JPY is seen making minor recovery attempts from a new five-month low of 107.18, reached after the US Federal Reserve (Fed) unexpectedly cut the interest rates by 50 bps to cushion the coronavirus impact on the economy. Fed shocks the markets The surprise Fed rate cut announcement triggered a sharp sell-off the US dollar across its main competitors, as the US benchmark 10-year Treasury yields slumped to a fresh… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
