29 May 2024, USD/JPY
Event to watch out for today:
21:00 GMT+3. USD - Publication of the Fed's Beige Book economic survey by region
USDJPY:
The Japanese Yen (JPY) continues to weaken on Wednesday, influenced by a broad downturn in markets driven by risk aversion sentiment. In addition, Bank of Japan (BoJ) Board Member Seiji Adachi maintained his dovish stance during his speech, potentially contributing to the JPY's decline and supporting the Dollar-JPY pair.
Seiji Adachi highlighted the potential implications of frequent monetary policy changes on exchange rate stabilization, warning that large swings in interest rates could undermine household and corporate investment. Adachi also emphasized that the BOJ is not yet confident of sustainably achieving the price target, so accommodative conditions need to be maintained.
The US Dollar (USD) recovered after remarks from Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, hinted at the possibility of a rate hike. Kashkari said, “I don't think anyone has completely ruled out the possibility of a rate hike,” expressing doubts about the disinflationary trend and predicting only two rate cuts.
Wednesday will see the release of the Fed's Beige Book, an overview of the current U.S. economic situation based on surveys of key business contacts, economists, market experts and other sources from the 12 Federal Reserve districts.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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