29 Agustus 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
USDJPY:
The USD/JPY pair remains on the defensive around 144.70 during Asian trading on Thursday. Dovish remarks from Federal Reserve (Fed) officials continue to undermine the US Dollar in the near-term. Investors await preliminary data on US gross domestic product (GDP) growth for Q2, which is expected to come in at 2.8%.
Bank of Japan (BoJ) Deputy Governor Ryozo Himino said on Wednesday that the Japanese central bank will continue to raise interest rates if inflation remains flat and will also keep a close eye on financial market conditions.
His comments echoed Bank of Japan Governor Kazuo Ueda, who said last week that recent market volatility would not derail long-term plans to raise rates. Most economists expect the BOJ to raise rates again this year, starting in December rather than October, according to a Reuters poll.
On the other hand, dovish comments from the U.S. central bank pressured the dollar against the yen. Fed Chairman Jerome Powell said that “it is time for a policy adjustment”. Markets have fully priced in the possibility of a 25 basis points (bps) rate cut in September, while the probability of a deeper rate cut is 36.5%, according to CME FedWatch Tool data.
Trading recommendation: Trade predominantly with Sell orders from the current price level
Our company provides an opportunity to earn income not only from your trading. By attracting clients within the affiliate program, you can get up to $30 per lot!
en 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 