03 June 2024, USD/JPY
An event to look out for today:
17:00 GMT+3. USD - ISM manufacturing index
USDJPY:
The Japanese yen (JPY) is depreciating and Japan's Economy Minister Yoshitaka Shindo said today that the government will “continue efforts to achieve primary balance in surplus territory in fiscal 2025.” Shindo also expressed optimism, saying that “real economic growth of 1.3% in fiscal 2025 is not so unrealistic,” Reuters reported.
Japan's consumer price index (CPI), released in Tokyo on Friday, rose to 2.2% year-on-year in May from April's 1.8% increase. If Japan's nationwide inflation falls, it will likely deter the Bank of Japan (BoJ) from raising interest rates. The large interest rate differential between Japan and other countries continues to weigh on the Japanese Yen, supporting the USD/JPY pair.
The US Dollar Index (DXY), which measures the value of the US Dollar against six other major currencies, lost ground following the release of the US Federal Reserve's preferred Personal Consumption Expenditures (PCE) data, which showed a slowdown in price pressures in April.
Last week, Federal Reserve (Fed) officials said the central bank could potentially meet its 2% annual inflation target without further interest rate hikes. This stance led to a decline in US Treasury bond yields, which weakened the US dollar.
Trading recommendation: Trade predominantly with Buy orders from the current price level
Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!
en 
cn 
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 