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The Japanese yen is under pressure after the release of Tokyo consumer price index data

The Japanese yen is under pressure after the release of Tokyo consumer price index data | 26 July 2024

26 July 2024, USD/JPY

The Japanese yen is under pressure after the release of Tokyo consumer price index data

Event to watch out for today:

15:30 GMT+3. USD - Core PCE Price Index

USDJPY:

The Japanese Yen (JPY) continues to lose ground against the US Dollar (USD) on Friday after the Statistics Bureau of Japan released Tokyo Consumer Price Index (CPI) data. However, the yen's fall may be contained as traders may curtail their asset trades ahead of the Bank of Japan's two-day meeting, which concludes on Wednesday. During the meeting, the BOJ will discuss the possibility of raising interest rates and outline the details of winding down its massive bond purchases.

On Friday, Japan's chief currency diplomat Masato Kanda told G20 participants that foreign exchange (FX) volatility is having a negative impact on the Japanese economy. He noted the growing likelihood of a soft landing and emphasized the need to closely monitor the economy and take necessary measures, Reuters reported.

The U.S. dollar received support as stronger U.S. economic data reduced some expectations of a rate cut in September. On Friday, attention will turn to the release of the Personal Consumption Expenditures (PCE) price index for June.

On Thursday, US gross domestic product (GDP) for the second quarter (Q2) came in stronger than expected. This followed Wednesday's release of the US PMI data, which pointed to an acceleration in private sector activity in July, indicating that growth in the US is resilient despite higher interest rates.

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

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
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