25 Tháng bảy 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
USDJPY:
The Japanese yen (JPY) continues its uptrend against the US dollar (USD) for the fourth consecutive session, staying near the 12-week high of 152.64 set on Thursday. The yen's strengthening is likely due to traders unwinding asset trades ahead of next week's Bank of Japan (BoJ) meeting.
The BoJ is expected to raise interest rates at its upcoming meeting next week, which will force short sellers to cover their positions and strengthen the yen. In addition, the BOJ is expected to outline plans to reduce its bond purchases to scale back its massive monetary stimulus.
On Wednesday, Japan's Finance Minister Shunichi Suzuki and chief currency diplomat Masato Kanda avoided commenting on currency issues, causing the USD/JPY pair to fall to its lowest level in two months, according to Reuters.
The U.S. dollar may strengthen as the latest U.S. PMI data showed an acceleration in private sector activity growth in July, underscoring the resilience of U.S. growth despite higher interest rates. The data gives the Federal Reserve (Fed) more leeway to maintain restrictive policy if inflation shows no signs of easing.
Investors are expected to keep a close eye on U.S. gross domestic product (GDP) annualized (Q2) data on Thursday and personal consumption expenditure (PCE) inflation on Friday. These reports are expected to provide new insights into the US economic situation.
Trading recommendation: Trade predominantly with Sell orders from the current price level.
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