USD/JPY soars past 141.00 as BoJ’s would sticks to dovish stance, weakening the JPY – by christianborjon USDJPY Currencies Majors
would stick to its YCC program and maintain its dovish stance. That comes after an earlier report that in Japan exceeded estimates by a tick, seen by traders as data that could trigger a reaction by the BoJ. The Consumer Price Index for June came at 3.3% YoY, above the prior’s 3.2% reading but failed to overcome forecasts of 3.5%. Core CPI rose by 3.3% YoY, aligned with projections and above May’s number.
The USD/JPY seesawed around 140.00 throughout most of the Asian session before the Reuters report surfaced. On the US front, data revealed during the week showed the economy is still resilient, despite Retail Sales slowing to 0.2%, below May’s 0.5%. Thursday’s US Initial Jobless Claims report for the week ending July 15 posted 228K unemployment fillings, below the 239K estimated, sparking fears the US Federal Reserve might react to the numbers and increase rates past the following week’s monetary policy decision.
The CME FedWatch Tool, which tracks interest rate probabilities for the Fed, sees a 99.8% chance of a quarter of a percent hike on July 26, while for September, expects no change, and for November, odds moved from below 20% last week’s, to 28.0% as of writing. To conclude, given the interest rate differentials, the USD/JPY uptrend might continue in the near term. But next week’s could be volatile, with the Fed and the BoJ set to deliver an update on their monetary policy. A hawkish surprise by the BoJ could rock the markets sharply, while the Fed is expected to maintain its “higher for longer” bias.is set to continue upward biased, reclaiming during the session the Tenkan and Kijun-Sen level, with traders setting their eyes on the 142.00 mark.
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