The USD/JPY pair drops sharply to 155.50 in Wednesday’s European session.
USD/JPY falls sharply to 155.50 amid soft US Dollar. Firm speculation for Fed rate cuts in September keeps the US Dollar on the backfoot. The Japanese economy is estimated to have contracted by 0.4% in the first quarter of this year. The asset falls sharply as the US Dollar extends its losing spell for the third trading session. The US Dollar Index has dropped below 105.00 as investors remain confident that the Fed eral Reserve will start reducing interest rates from September.
Economists expect that monthly headline and core CPI have grown at a slower pace of 0.3% from the prior reading of 0.4%. The US consumer inflation has remained higher-than-projected in all three months of the first quarter of this year. A continuation of the same could force traders to shift rate cut bets towards the end of the year or to the start of 2025. On the Tokyo front, investors await Japan’s Q1 Gross Domestic Product data, which will be published on Thursday.
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