Important events today:

12:30 UTC: USD – Non-Farm Payrolls Change

The Japanese yen (JPY) is under pressure, possibly due to the information about the reduction in Japan’s foreign exchange reserves, published by the Ministry of Finance for May. Foreign exchange reserves significantly decreased to $1,231 billion in May from $1,279 billion, which is the lowest level since February 2023, as the government conducted currency intervention operations to protect the Japanese yen.

Japanese Finance Minister Shunichi Suzuki stated on Friday that he will take action against excessive currency volatility if necessary and will assess the effectiveness of the interventions. Suzuki emphasized the importance of maintaining market confidence in public finances, noting that there is no limit to the funds available for currency interventions, Reuters reports.

The US dollar (USD) struggled as the decline in employment data in the United States (USA) fueled hopes for two interest rate cuts by the US Federal Reserve (Fed) in 2024. A Reuters poll conducted from May 31 to June 5 showed that nearly two-thirds of economists now predict a rate cut in September. Additionally, according to the CME FedWatch Tool, the probability of a Fed rate cut in September by at least 25 basis points has risen to almost 70.0% compared to 51.0% a week earlier.

Recommendations: Trading primarily with buy orders at a price level of 155.70. Considering sell orders at a price level of 155.08.