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Market News Due to Risk Aversion, USD/JPY Trades with Modest Losses Below 155.00

Due to Risk Aversion, USD/JPY Trades with Modest Losses Below 155.00

The USD/JPY breaks a two-day winning trend near 154.65 in the early Asian trading session on Wednesday. Powell of the Federal Reserve underscored the likelihood that the existing degree of policy will persist until inflation approaches the target level. The BoJ is transitioning from an inflation-centric to a more discretionary approach to policy formulation.

TOP1 Markets Analyst
2024-04-17
7454

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The USD/JPY pair trades near 154.65 on Wednesday during the early hours of Asian trading with slight losses. The expectation that the Federal Reserve (Fed) may postpone the easing cycle from June to September, as a result of the robust US economy and persistent inflation data, has bolstered the value of the US Dollar (USD) relative to the Japanese Yen (JPY). However, the intensifying tensions in the Middle East could increase the value of safe-haven assets such as JPY and limit the upside of the pair.

 

The US Census Bureau reported on Tuesday that housing starts in the United States decreased by 14.7% in March, following a revised 10.7% increase of 12.7% in February. The Building Permits decreased 4.3%, compared to the previous reading's 2.3% increase (revised from 1.9%). March Industrial Production increased 0.4% MoM, which was consistent with market expectations, following February's 0.4% increase.

 

A number of Federal Reserve officials, Chairman Jerome Powell among them, have underscored the policy posture that is contingent upon data and have refrained from making a definitive commitment regarding the commencement of interest rate reductions. Inflation has not returned to the 2% target, according to Fed Chair Jerome Powell, suggesting that interest rate decreases are unlikely in the near future.

 

Conversely, the Bank of Japan (BoJ) is transitioning towards a policy-setting approach characterized by greater discretion and diminished focus on inflation. This results in the JPY remaining under pressure and a tailwind developing for the USD/JPY pair. For additional impetus, investors will scrutinize the quarterly growth and price forecasts that the Bank of Japan (BOJ) is expected to unveil during its policy meeting on April 25-26.

 

In the interim, geopolitical tensions in the Middle East could strengthen the JPY while constraining the USD/JPY pair's upside. In a statement released late Tuesday, National Security Advisor Jake Sullivan predicted that in the coming days, additional sanctions would be imposed against Iran and entities that provide support to the Islamic Revolutionary Guard Corps and the Iranian Defense Ministry. The White House will not hesitate to continue taking action against the Iranian government, according to Sullivan. Two senior Iranian Revolutionary Guard Corps commanders were slain in an attack on the Iranian embassy in Syria earlier this month, which exacerbated tensions between Israel and Iran. The attack was attributed to Israel by Iran, but Israel denied any responsibility.

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