USD/JPY falls off nine-month high ahead of Powell, Yellen testimonies

USD/JPY tilted lower in Asian trade away from June 2020 highs following earlier data from the US and ahead of Congressional testimonies by Janet Yellen and Jerome Powell on the coronavirus economic impact.

As of 07:02 GMT, USD/JPY fell 0.05% to 108.54, with an intraday low at 108.45. 

From Japan, services prices fell 0.5%, deepening a 0.3% drop in December and missing estimates of a 0.4% drop. 

Bank of Japan released the minutes of its 18-19 March meeting, at which it held interest rates at negative 0.10% as expected while committing to even more monetary easing to boost economic performance.

From the US, durable goods orders are expected up 0.7% in February, slowing down from 3.4% in January. 

US services PMI is expected up to 60.1 in March from 59.8, while manufacturing PMI is expected up to 59.6 from 58.6. 

Federal Reserve Chair Jerome Powell is to testify, along with Treasury Secretary Janet Yellen, on the quarterly CARES Act report before the Senate Banking Committee, via satellite.

Federal Reserve Bank of New York President John Williams is also due to speak about housing, health, immigration, and racial equity issues at an online event hosted by Syracuse University.

Federal Reserve Bank of San Francisco President Mary Daly will speak about equitable growth, opportunity, and modern Federal Reserve policy at an online event hosted by Northeastern University.