10 Abril 2024, USD/JPY
Events to watch out for today:
15:30 EET. USD - Consumer price index
21:00 EET. USD - Publication of the Fed meeting minutes
USDJPY:
The USD/JPY pair remains silent ahead of the release of the US Consumer Price Index (CPI) data and the Fed meeting minutes on Wednesday. The pair is holding near 151.80 during Asian trading hours. The Japanese Yen (JPY) may face challenges as Bank of Japan (BoJ) Governor Kazuo Ueda said that he will not change monetary policy solely to address currency fluctuations.
Governor Ueda also emphasized that Japan's persistent deflation and low inflation rates pose challenges to influencing the public's inflation expectations by expanding the monetary base. With trend inflation still below 2%, it is critical to maintain the trajectory of the economy towards the 2% target by maintaining favorable monetary conditions.
Data showed that Japan's producer price index (PPI) rose 0.8% year-on-year in March, meeting expectations and accelerating from an upwardly revised 0.7% in February. This is the highest rate since October last year. However, the monthly PPI increased by 0.2%, falling short of the expected 0.3%.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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