Japanese yen strengthens amid possible rate hike by the Bank of Japan | 29 Tháng bảy 2024

29 Tháng bảy 2024, USD/JPY

Japanese yen strengthens amid possible rate hike by the Bank of Japan

USDJPY:

The Japanese yen (JPY) continues to strengthen on Monday as traders remain cautious ahead of Wednesday's Bank of Japan (BoJ) meeting, which could announce a possible rate hike. Markets are betting that the BoJ could raise rates by 10 basis points to 0.1% and is expected to announce plans to reduce bond purchases.

The yen may also receive support as traders may wind down their carry trades ahead of the BOJ's decision. Japan's chief currency diplomat Masato Kanda told G20 participants on Friday that foreign exchange (FX) volatility is negatively impacting the Japanese economy. Kanda 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 (USD) faces challenges as cooling inflation and softening labor market conditions in the United States (U.S.) have fueled expectations of three Federal Reserve (Fed) rate cuts this year starting in September.

Trading recommendation: Trade predominantly with Sell orders from the current price level.

Connect Drawdown bonus 101% and trade with double your deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
Đồng ý với đánh giá?
Ý kiến ​​của thương nhân:
Close
Đăng nhập
Trình duyệt của bạn không hỗ trợ cookie Nếu cookie đã bị vô hiệu trong trình duyệt Internet của bạn, bạn có thể gặp vấn đề với việc hiển thị Khu vực cá nhân. Cách bật hỗ trợ cookie .