Yen recovers losses ahead of Fed’s Powell’s second testimony

The yen fell against the dollar for a third straight day on Wednesday. USD/JPY gained as the dollar gained momentum after Federal Reserve Chairman Jerome Powell testified before the U.S. Congress on Tuesday. Powell noted that inflation data had improved, but the Fed remained cautious.

The Bank of Japan (BoJ) is likely to raise interest rates and unveil plans to taper bond purchases at its July meeting. On Tuesday, Japanese Finance Minister Shunichi Suzuki stressed the importance of maintaining fiscal discipline to boost confidence in long-term fiscal health. Suzuki also mentioned that he would pay close attention to the discussion on the bond market at the BoJ meeting, according to Reuters.

Traders are expecting several big events to happen in financial markets. These include the second semi-annual testimony of Fed Chairman Powell, speeches by Fed officials Michelle Bowman and Austan Goolsbee, and U.S. Consumer Price Index (CPI) data scheduled for release on Thursday.

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