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Possible weakening of the yen as a factor for reaction from the Bank of Japan

Possible weakening of the yen as a factor for reaction from the Bank of Japan | 11 July 2024

11 July 2024, USD/JPY

Possible weakening of the yen as a factor for reaction from the Bank of Japan

Events to watch out for today:

15:30 GMT+3. USD - Consumer Price Index

18:30 GMT+3. USD - FOMC member Rafael Bostic will deliver a speech

20:00 GMT+3. USD - FOMC Member Alberto Musalem to deliver a speech

USDJPY:

The USD/JPY pair is trading around 161.60, breaking a three-day winning streak in Thursday's early Asian session. Investors will be focused on the Consumer Price Index (CPI) data for June, due for release on Thursday. Federal Reserve (Fed) Governor Rafael Bostic will speak.

Fed Chairman Jerome Powell acknowledged progress on inflation, but Powell said it is not worth lowering the discount rate until there is confidence that inflation will move steadily toward the Fed's 2% target.

Traders expect the U.S. Federal Reserve to keep the benchmark interest rate in the 5.25-5.5% range at its next meeting on July 30-31. The US CPI inflation report will be released on Thursday and further progress on inflation could lead to key changes in the policy statement, paving the way for a rate cut in September.

On the other hand, growing speculation that the Bank of Japan (BoJ) will be forced to raise interest rates at its July meeting is providing some support for the Japanese Yen (JPY). Peter Boockvar, CFO of US-based Bleakley Financial Group, believes that a weaker yen will force the BoJ to "react sooner rather than later".

Trading recommendation: Trade predominantly with Buy orders from the current price level

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David Johnson
Analyst of «FreshForex» company
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