USD/JPY is churning chart paper just above the 149.00 handle as investors gear up for a central-bank-heavy week.
Heavy week for USD/JPY with BoJ and Fed in the barrel. Bank of Japan widely anticipated to pivot away from negative rates. Fed to update Dot Plot of interested rate expectations on Wednesday. The Bank of Japan is expected to deliver an update on its negative interest rate regime early in the Tuesday market session after Japan’s spring wage negotiations showed the highest wage increases in over three decades.
As the US economy proves far more resilient than rate watchers expected, and US inflation remains stickier than hoped, rate futures markets have been knocked firmly back, with rate expectations falling to match the Fed’s own Dot Plot in March. According to the CME’s FedWatch Tool, markets were pricing in nearly 70% odds of a first rate cut from the Fed in June as recently as last week. That number has eased to around 50-50 odds on Monday.
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