USD/JPY looks to build on momentum beyond 141.00, highest since November 2022 – by hareshmenghani USDJPY TradeBalance BOJ Fed Currencies
The BoJ’s dovish outlook and weaker Japanese trade data weigh heavily on the JPY.Traders now look to the US macro data for some impetus ahead of the BoJ on Friday.pair catches aggressive bids during the Asian session on Thursday and touches the 141.00 mark for the first time since November 2022, confirming a breakout through a two-week-old trading range.
The Japanese Yen weakens in reaction to the weaker domestic data, showing that imports tumbled 9.9% in May and the trade deficit widened more than anticipated, to ¥1,372.5 billion in May. This validates expectations that the Bank of Japan will stick to its ultra-easy policy stance to support the economy and ensure that the recent positive signs are sustained.
The USD Index , which tracks the Greenback against a basket of currencies, is seen building on the overnight late rebound from a one-month low in the wake of the Federal Reserve's hawkish commentary. It is worth recalling that the US central bank, as anticipated, held interest rates steady at the end of a two-day policy meeting on Wednesday, but signalled that borrowing costs will increase by another 50 bps by end-December.
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