USD/JPY extends its consolidative price move below 135.00, downside seems cushioned – by hareshmenghani USDJPY Fed InterestRate BOJ Currencies
gh the first half of the European session. Spot prices, meanwhile, remain well within the striking distance of the YTD peak, around the 135.20-135.25 region set earlier this week.is seen consolidating its recent gains to a multi-week high, which, in turn, acts as a headwind for the USD/JPY pair.
to tame stubbornly high inflation. In fact, the FOMC minutes released on Wednesday showed that a few members favoured raising the target range for the federal funds rate by 50 bps or they could have supported it.President James Bullard noted the need to get inflation on a sustainable path toward the target this year. This comes after the US CPI and PPI data indicated last week that inflation isn't coming down quite as fast as hoped.
Furthermore, a modest recovery in the global risk sentiment, which tends to undermine the safe-haven Japanese Yen , supports prospects for a further appreciating move for the USD/JPY pair. That said, traders seem reluctant to place aggressive bets and prefer to wait for the Bank of Japan Governor candidate Kazuo Ueda's testimony on Friday. Ueda's view on the future of yield curve control and super-easy monetary policy should drive the JPY and provide a fresh impetus to the pair.
In the meantime, traders on Thursday will take cues from the US economic docket, featuring the release of the Prelim Q4
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