Fed will raise rates in July | 03 July 2023

USDJPY trading plan:

The U.S. Commerce Department said consumer spending ticked up 0.1% in May while data for the prior month was revised to show spending accelerated by 0.6% versus the previously reported 0.8%. The personal consumption expenditures gained 0.1% for the month after an 0.4% rise in April while advancing 3.8% on an annual basis, slowing from a revised 4.3% the prior month. But the PCE gauges were still well above the Fed's 2% inflation target. Expectations for a 25 basis points which at the Fed's July meeting dipped slightly, with markets now pricing in an 86%. This is a positive signal for the dollar.

Investment idea: buy 144.19 and take profit 145.10.