11 April 2024, USD/JPY
Events to watch out for today:
15:30 EET. USD - Number of initial applications for unemployment benefits / Producer price index
20:30 EET. USD - FOMC member Rafael Bostic will give a speech
USDJPY:
The Japanese Yen (JPY) faced selling pressure amid the Bank of Japan's (BoJ) cautious approach and uncertainty over future rate hikes. Minutes from the Fed's last meeting showed that participants were concerned about the persistence of elevated inflation, and the latest data did not help the U.S. central bank gain confidence that inflation is moving steadily toward the 2% target. Officials emphasized the need to keep interest rates on hold for longer, which boosts the US dollar and serves as a favorable factor for USD/JPY gains.
US CPI inflation rose more than expected in March. Core CPI rose 0.4% in March, compared to the expected 0.3% increase. On a year-over-year basis, CPI rose 3.5%, compared with forecasts for a 3.4% increase, the Labor Department said Wednesday.
The core consumer price index, which excludes the volatile food and energy components, rose 0.4% month-over-month in March, compared with expectations for a 0.3% increase. On a year-over-year basis, the index rose 3.8% versus expectations of a 3.7% increase. Following the CPI report, investors lowered bets that the Federal Reserve (Fed) will cut interest rates in June to 17% from 57% prior to the data release, according to CME's FedWatch tool.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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