The USD/JPY pair faces selling pressure near the psychological resistance of 150.00 in Friday’s North American session.
USD/JPY encounters offers near 150.00 as the US Dollar struggles to extend its upside further. Traders priced out the Fed 's larger-than-usual size of 50 bps interest rate cut in November. Japan’s National core CPI accelerated to 2.1% in September. The asset drops as the three-week rally in the US Dollar appears to have halted, however, its outlook remains upbeat. The US Dollar Index , which tracks the Greenback’s value against six major currencies, declines from the 10-week high of 103.
According to the CME FedWatch tool, 30-day Federal Funds futures pricing data shows that there will be a 50 basis points decline in interest rates in the remaining year, suggesting that the Fed will cut its borrowing rates by 25 bps in November and December. On the Tokyo front, Japan’s National coreConsumer Price Index – which excludes volatile food and energy prices – rose by 2.1% in September, faster than 2% in August.
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