The USD/JPY pair trades close to seven-week high near 158.00 in Wednesday’s European session.
USD/JPY trades sideways near 158.00 as investors look for fresh cues on the Fed ’s rate-cut timeframe. US Retail Sales barely grew in May against expectations of 0.2%. The BoJ minutes for the June meeting showed that policymakers discussed hiking interest rates sooner. The rally appears to have paused for the time-being amid uncertainty over Fed eral Reserve’s interest rate path and the release of the Japan’s National Consumer Price Index data for May, which will be published on Friday.
Meanwhile, investors also expect that the Fed will reduce interest rates twice this year against one projected by policymakers in their latest dot plot. However, officials emphasize keeping interest rates at their current levels until they get see good inflation data for months. On the Tokyo front, the Japanese Yen weakens even though Bank of Japan minutes for the June meeting showed that Governor Kazuo Ueda advocated for increasing interest rates sooner than expected.
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