02 September 2024, USD/JPY
USDJPY:
Following the release of US Personal Consumption Expenditure (PCE) data for July, the Japanese Yen (JPY) has remained stable against the US Dollar (USD), with traders adjusting their expectations of an aggressive rate cut by the Federal Reserve in September.
The CME FedWatch Tool indicates that the market anticipates a minimum 25-basis-point rate cut by the Fed at its September meeting. In the coming days, traders will likely turn their attention to upcoming US employment data, including the August non-farm payrolls (NFP) report, in order to gain further insight into the potential size and pace of the Fed's rate cut.
Japanese companies reported a 7.4% increase in capital expenditure for the second quarter on Monday. Furthermore, the country's manufacturing PMI for August was revised upwards to 49.8 from 49.5, indicating a stabilising trend. The rise in Tokyo inflation on Friday reinforced the Bank of Japan's (BoJ) hawkish stance on monetary policy, boosting the JPY and limiting the USD/JPY pair's gains.
Trade recommendation: Trading predominantly Sell orders from the current price level.
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