The Japanese yen rose in Asian trade on Thursday against main rivals, and resumed the gains against the US dollar, approaching two-month highs again on hopes the Bank of Japan will raise interest rates for the third time this year. 

The yen is also boosted by lower US 10-year treasury yields amid increasing odds of a 0.25% interest rate cut by the Federal Reserve in December.

The Price

The USD/JPY fell 0.25% today to 150.18 yen per dollar, with a session-high at 150.77.

The yen lost 0.7% against the dollar on Wednesday, the second loss in a row on profit-taking away from two-month highs at 148.64.

Japanese Rates

Recent data showed Tokyo’s inflation accelerated last month, heaping inflationary pressure on the Bank of Japan’s policymakers. 

And during the weekend, BOJ Governor Kazuo Ueda said upcoming interest rate hikes will depend on data moving in the right direction.

Following the data and remarks, the odds of a BOJ interest rate hike in December rose from 55% to 60%.

US Yields 

US 10-year treasury yields traded near six-week lows at 4.165%, pressuring the greenback.

The developments came after disappointing US private sector employment data for November, showing weakness in the labor sector. 

Following the data, the odds of a 0.25% Fed interest rate cut in December rose from 74% to 76% according to the Fedwatch tool.

Now investors await more US labor data, including the crucial payrolls report on Friday. 

US stock indices rose on Wednesday as investors assess the latest US labor data.

The US private sector added 146 thousand new jobs in November, down from 184 thousand in October, and below estimates of 163 thousand. 

Other data showed US job opportunities rose to 7.74 million in October from 7.37 million in September. 

Now investors await the crucial US payrolls report on Friday.

On trading, Dow Jones rose 0.4% as of 15:59 GMT, or 173 points to 44,879 points, while S&P 500 rose 0.4%, or 24 points to 6073 points, as NASDAQ added 1%, or 198 points to 19,680 points.

Bitcoin rose on Wednesday on track for the second profit in a row as traders await a batch of important US data, in addition to a speech by Fed Chair Jerome Powell.

The data and speech will likely provide clues on the future of monetary policies in the US during Donald Trump’s term.

Prices 

Bitcoin rose 1.1% at Bitstamp today to $97,003, with a session-low at $95,322.

On Tuesday, bitcoin rose 0.1%, the second loss in three days away from a week trough at $93,590.

Crypto Market Value 

The market value of cryptocurrencies rose by $70 billion today to a total of $3.737 trillion as both bitcoin and ethereum rebounded. 

Fair Price 

Bitcoin price is expected to be a bit volatile in the short term as traders seek a fair price for the cryptocurrency, especially if the coveted $100,000 is breached 

Some market bulls expect December to be another blockbuster month for bitcoin, after a stunning 40% surge in November, but it remains to be seen. 

US Yields 

US 10-year treasury yields rose 0.7% on Wednesday on track for the third loss in a row, in turn boosting the greenback.

According to the Fedwatch tool, the odds of a 0.25% December rate cut by the Federal Reserve rose to 73%.

Now investors await a batch of US labor data this week, including job opportunities, private sector employment, unemployment claims, and the crucial US payrolls report on Friday.

Several Fed officials will talk as well this week, including Fed Chair Jerome Powell later today. 

The US dollar rose in European trade on Wednesday against a basket of major rivals, on track for the second profit in three days as US treasury yields rallied. 

The gains come as investors await important US data, in addition to the Federal Reserve Chair Jerome Powell’s remarks this week, which could provide clues on the future of monetary policies. 

The Index 

The dollar index rose 0.3% today to 106.66, with a session-low at 106.21.

On Tuesday, the index lost 0.1%, after marking a 0.6% profit in the previous day away from a two-week trough at 105.62. 

US Yields 

US 10-year treasury yields rose 0.7% on Wednesday on track for the third loss in a row, in turn boosting the greenback.

US Rates

Federal Reserve Member Christopher Waller said on Monday that as inflation heads firmly towards 2%, he supports another interest rate cut later this month.

New York Fed President John Williams said it might be appropriate to move towards a more neutral policy position gradually. 

Following the remarks and according to the Fedwatch tool, the odds of a 0.25% December rate cut by the Federal Reserve rose to 73%.

Now investors await a batch of US labor data this week, including job opportunities, private sector employment, unemployment claims, and the crucial US payrolls report on Friday. 

Several Fed officials will talk as well this week, including Fed Chair Jerome Powell on Wednesday.