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Market News USD/JPY Extends Its Advance above 156.50 in Advance of Retail Sales and US CPI Data

USD/JPY Extends Its Advance above 156.50 in Advance of Retail Sales and US CPI Data

The USD/JPY extends its early Asian session rally near 156.55 on Wednesday. As inflation declines more slowly than anticipated, the central bank will maintain interest rates on hold for an extended period of time, according to Fed Chair Powell. Regarding the FX market, the Japanese government will collaborate closely with the BoJ and, if required, will take every feasible action.

TOP1 Markets Analyst

2024-05-15

7489

The USD/JPY pair trades in positive territory for the fourth consecutive day during the early Asian session on Wednesday, near 156.55. The pair's increase is reinforced by the rumor that the Federal Reserve (Fed) may decide to sustain higher interest rates in response to the heightened inflation. Nevertheless, the potential intervention of Japanese authorities in foreign exchange markets could impede the appreciation of the USD/JPY.

On Tuesday, Fed Chair Jerome Powell reaffirmed that inflation is declining at a slower rate than anticipated, and the April PPI bolstered the case for maintaining higher interest rates for the foreseeable future. Powell nevertheless maintained that he does not anticipate a rate hike by the Federal Reserve. The hawkish remarks made by Federal Reserve officials could generate a tailwind for USD/JPY and strengthen the US Dollar (USD).

The Bureau of Labor Statistics reported on Tuesday that the US Producer Price Index (PPI) increased 2.2% year-over-year in April, which was in line with expectations and compared to the 1.8% increase in March (revised from 2.1%). In contrast, the Core PPI, which excludes volatile food and energy prices, increased 2.4% year-over-year during the same period, compared to a 2.1% increase in March. The PPI and the core PPI both increased by 0.5% month-over-month in April.

Ahead of April, investors will be preoccupied with the Consumer Price Index (CPI) and Retail Sales reports for the United States. These reports may provide valuable information regarding the timeline of the initial rate adjustment implemented by the Federal Reserve.

Regarding the Japanese yen (JPY), Finance Minister Shunichi Suzuki stated on Tuesday that the government will collaborate closely with the Bank of Japan (BoJ) and, if required, take all feasible actions regarding the foreign exchange (FX) market. Fear of additional FX intervention by Japanese authorities could bolster the Japanese Yen (JPY) and limit the upside of the pair.