24 Tháng Năm 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Durable Goods Orders
USDJPY:
The Japanese Yen (JPY) continued to decline on Friday following the release of weaker Consumer Price Index (CPI) data released by the Statistics Bureau of Japan. The annualized inflation rate fell to 2.5% in April from 2.7% in the previous month, marking the second consecutive month of slowing growth, but still remains above the Bank of Japan's (BoJ) 2% target. Sustained inflation continues to put pressure on the central bank to consider further policy tightening.
The BoJ stresses that a favorable cycle of sustained and stable price level target of 2% along with strong wage growth is needed for policy normalization. Meanwhile, investors expect that the continued weakening of the Japanese yen may force the BOJ to postpone the next interest rate hike to cushion the impact on the cost of living, according to Reuters.
The US Dollar (USD) is rising amid hawkish sentiment that the Federal Reserve (Fed) will maintain higher rates for an extended period. This sentiment is supported by better than expected Purchasing Managers' Index (PMI) data from the US, which was released on Thursday.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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