USD/JPY is trading up two-tenths of a percent in the 155.80s on Thursday as the US Dollar (USD) continues its recovery rally from the May 3 lows.
USD/JPY pushes relentlessly higher as market forces overcome intervention attempts. The US Dollar is strengthening across the board as interest rates in the US diverge from the global trend. Weak Japanese wage data puts a dent in BoJ plan to hike interest rates to prop up the Yen. USD/JPY is trading up two-tenths of a percent in the 155.80s on Thursday as the US Dollar continues its recovery rally from the May 3 lows.
The decision sent GBP/USD lower and the Pound Sterling depreciated against the USD. US growth is sound The expectation the Fed will need to keep interest rates higher for longer is backed not just by “jawboning” but by a relatively strong outlook for US growth. US economic growth in Q2 remains robust according to various nowcasting models that give real time estimates for growth. “The Atlanta Fed’s GDPNow model is tracking Q2 growth at 4.2% SAAR and will be updated next Wednesday after the data.
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