Aisha Amajida

The yen's exchange rate strengthened one percent against three other major currencies due to issues surrounding the leadership of Japan's central bank.

GBP/USD was confined to the 1.2120s range following the release of UK Gross Domestic Product (GDP) data at the start of today's European session.

The Fed Chair, Jerome Powell, only repeated his old rhetoric, causing the rally in US Treasury yields and the US dollar to slacken while waiting for the next catalyst.

The issue surrounding the replacement of the governor of the Japanese central bank is an additional factor that has the potential to support an increase in USD/JPY going forward.

The NFP data hinted at the need for another rate hike, triggering a rebound in the US dollar against all major currencies.

The Bank of England (BoE) did not show a firm commitment to continuing the interest rate hike cycle, so the pound sterling fell.

The ECB added dovish cues to its rate hike announcement, leaving the euro weaker against EUR/USD and other pairs.

Fed Chair Jerome Powell said that the process of disinflation had already begun. As a result, the US dollar sank to its lowest level in nine months.

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