26 Tháng bảy 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Core PCE Price Index
USDJPY:
The Japanese Yen (JPY) continues to lose ground against the US Dollar (USD) on Friday after the Statistics Bureau of Japan released Tokyo Consumer Price Index (CPI) data. However, the yen's fall may be contained as traders may curtail their asset trades ahead of the Bank of Japan's two-day meeting, which concludes on Wednesday. During the meeting, the BOJ will discuss the possibility of raising interest rates and outline the details of winding down its massive bond purchases.
On Friday, Japan's chief currency diplomat Masato Kanda told G20 participants that foreign exchange (FX) volatility is having a negative impact on the Japanese economy. He noted the growing likelihood of a soft landing and emphasized the need to closely monitor the economy and take necessary measures, Reuters reported.
The U.S. dollar received support as stronger U.S. economic data reduced some expectations of a rate cut in September. On Friday, attention will turn to the release of the Personal Consumption Expenditures (PCE) price index for June.
On Thursday, US gross domestic product (GDP) for the second quarter (Q2) came in stronger than expected. This followed Wednesday's release of the US PMI data, which pointed to an acceleration in private sector activity in July, indicating that growth in the US is resilient despite higher interest rates.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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