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US index data may support the dollar

US index data may support the dollar | 10 October 2024

10 October 2024, USD/JPY

US index data may support the dollar

An event to look out for today:

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

USDJPY:

The Japanese yen (JPY) weakened on Wednesday amid uncertainty over the Bank of Japan's (BoJ) plans for additional interest rate hikes. In addition, risk momentum undermined demand for the safe-haven yen, which, along with a fresh wave of US dollar (USD) buying, pushed the USD/JPY pair towards the 149.50 area, or the highest level since mid-August.

Meanwhile, data released earlier this Thursday showed that Japan's Producer Price Index (PPI) remained unchanged in September, and rose more than expected on a year-on-year basis in the reporting month. This in turn supports the Japanese yen and limits the USD/JPY pair. But traders prefer to stay on the sidelines before the release of US consumer inflation data.

Trading recommendation: Trade predominantly 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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