USD/JPY jumps to multi-month high post-US PMIs

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• The USD/JPY climbed its highest level since November 2022, approaching 144.00.
• US Manufacturing PMI from June fell to a five-month low
• Negative market sentiment and soft Japanese inflation figures weigh on the JPY.

The USD/JPY pair surged to a multi-month high, reaching its highest level since November 2022, near 143.90. This significant jump came in the wake of the US Manufacturing PMI for June, which plummeted to a five-month low and fueled a negative market sentiment. This, coupled with disappointing Japanese inflation figures, exerted downward pressure on the JPY. The pair is set to close the week with a gain of more than 1.25% – and it is the second week in a row it has risen.