06 September 2024, USD/JPY
An event to look out for today:
15:30 GMT+3. USD - Unemployment Rate
USDJPY:
The Japanese Yen (JPY) continues its winning streak for the fourth consecutive session as July's real wage growth fuelled speculation that the Bank of Japan (BoJ) may introduce another interest rate hike before the end of 2024. In addition, the USD/JPY pair has been hampered by a weaker US Dollar (USD) due to dovish comments from Federal Reserve (Fed) officials.
Bank of Japan (BoJ) board member Hajime Takata said on Thursday that ‘if the economy and prices move in line with our forecast, we will adjust the policy rate in several steps.’ Takata also noted that the domestic economy is recovering at a moderate pace despite some signs of weakness. Despite significant volatility in stock and currency markets, he noted that the Bank of Japan still believes the inflation target is achievable.
Traders are likely to await Friday's release of labour market data, including US non-farm payrolls (NFP), for further clues on the potential size of the Federal Reserve's (Fed) expected rate cut this month.
According to ADP, the US added 99,000 new jobs in August, down from a revised July figure of 111,000 and well below the expected 145,000. The August ADP figure was the lowest since early 2021, triggering a new round of risk aversion and reigniting investor fears that the US may be heading into recession.
Trading recommendation: Trade predominantly with Sell orders from the current price level
Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!
en 
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 