USD/JPY refreshes monthly high above 144.00 as US CPI grows at a slower pace – by Sagar_Dua24 USDJPY BOJ Fed YieldCurve Inflation
The risk profile remains positive as a nominal growth in US CPI won’t be sufficient to force the Fed to tighten monetary policy further.pair prints a fresh monthly high at 144.28 in the New York session after the release of United States inflation data for July. US Consumer Price Index grew at a 0.2% pace in July, similar to the market expectations.
Annual Consumer Price Index softened to 4.7% while investors were anticipating a steady figure at 4.8% while headline inflation grew modestly to 3.2% from the prior release of 3.0% but remained marginally below than the consensus of 3.3%. S&P500 opens on a bullish note as a nominal growth in US inflation won’t be sufficient to force the Federal Reserve to tightenfurther. Also, investors digested Moody’s downgrade to small and medium-sized US banks. The credit-rating firm warned that it can downgrade some of the biggest lends ahead. Moody’s delivered reasoning behind its downgrade that higher borrowing costs have impacted banks’ funding potential and their profitability sharply.
The US Dollar Index gyrates wildly around 102.00 as investors assess the inflation data for further guidance. Slower-than-expected rebound in the US inflation and hiring slowdown could allow the Federal Reserve to keep interest rates steady. On the Tokyo front, the Japanese Yen remains under pressure amid an absence of support from the Bank of Japan policy. Analysts at Commerzbank stated even if the BoJ wanted to start a slow exit from its yield curve control with its current monetary policy that cannot be positive for the Yen due to the lack of transparency.
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