Yen Rides Soft US Data to Fresh Gains

The Japanese Yen (JPY) has maintained its gains from last week's trading session as it trades near the 157.40 area during the American session on Tuesday.

The softer labor demand data released in the United States has contributed to a decline in the US Dollar (USD), with lower energy prices also providing additional support for the Japanese currency, which is a major net energy importer.

The Job Openings and Labor Turnover Survey showed that vacancies fell to 7.359 million in June from a revised 7.537 million in May, undershooting the consensus of 7.4 million and marking a further cooling in labor demand.

This data has tempered the message from Monday's robust ISM Manufacturing Purchasing Managers Index and complicates the case for an additional Federal Reserve (Fed) rate increase, resulting in lower US Treasury yields and narrowing the interest rate differential that has underpinned the pair for much of the year.