USD/JPY consolidates in a range around 142.35-40 area, just below three-week peak – by hareshmenghani USDJPY BOJ Fed Inflation Currencies
ices currently trade around the 142.35-142.40 region, just below a three-week high touched the previous day and seem poised to build on the recent solid bounce from the 138.00 neighboudhood.
The Bank of Japan's unscheduled operation on Monday to buy ¥300 billion worth of Japanese government - to keep yields pinned down for the first time since February 2022 - continues to weigh on the Japanese Yen . It is worth recalling that the yield of benchmark 10-year JGB surged to a nine-year high in reaction to the BoJ's decision to be more flexible in its Yield Curve Control policy.
The US Dollar , on the other hand, holds steady near its highest level since July 10 set last Friday and remains well supported by the increasing likelihood that the Federal Reserve could hike interest rates further. The bets were lifted by the upbeat US GDP report released last week, which pointed to an extremely resilient economy and supported prospects for further tightening by the Fed.
That said, signs of receding underlying price pressures in the US could allow the Fed to soften its hawkish stance. In fact, the US Bureau of Economicreported on Friday that the PCE Price Index advanced 3.0% over the twelve months through June, registering its smallest gains since March 2021. Excluding the volatile food and energy components, the Core PCE Price Index came in at 4.1% YoY rate - the smallest increase since September 2021.
later during the early North American session. The focus, however, will remain glued to the closely-watched monthly employment details, or the NFP report on Friday,
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