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Market News USD/JPY Falls To 147.00 As Attention Turns To US GDP Data

USD/JPY Falls To 147.00 As Attention Turns To US GDP Data

The USD/JPY pair falls to 147.00, its lowest level since mid-September. The dovish remarks made by Waller of the Federal Reserve generated an adverse effect on the US Dollar. October inflation figures in Japan remained above the 2% target set by the Bank of Japan for the nineteenth consecutive month. On Wednesday, all eyes are on the US GDP data.

TOP1 Markets Analyst
2023-11-29
12167

 USD:JPY 2.png

 

The USD/JPY pair falls to the 147.00 level on Wednesday during the early hours of Asian trading. As a result of the US Dollar (USD) decline and falling US yields, the major pair reaches its lowest level since mid-September. At present, USD/JPY is trading near 147.07, a decrease of 0.28% on the day.

 

The Federal Reserve's (Fed) dovish remarks exerted a downward pressure on the pair. Governor of the Federal Reserve Christopher Waller expressed confidence on Tuesday that the necessary measures have been implemented to rein in inflation. He added that the Federal Reserve will not be required to raise rates any further and, if inflation continues to decline over the next three to five months, could begin reducing rates. As a result of these remarks, selling activity resumed on the US dollar, which declined to 102.60. Additionally, the 10-year US Treasury yield fell to 4.325%, its lowest level since September 20.

 

In November, US CB Consumer Confidence increased to 102.0 from 99.1, which was revised downward. The Richmond Fed's Manufacturing Index decreased to 5.0 from a previous increase of 3.0. In September, the S&P/Case-Shiller Home Price Index increased 3.9% year-over-year, falling short of market expectations of 4.0%.

 

Conversely, last week's headline and core CPI data from Japan revealed that inflation in the country continued to surpass the 2% target set by the Bank of Japan for the nineteenth consecutive month in October. The Japanese Yen (JPY) appreciates against the US dollar (USD) in addition to the growing apprehension that the Bank of Japan (BoJ) will reverse its ultra-dovish stance in 2024.

 

Traders will move on to observe the annualised gross domestic product (GDP) of the United States for the third quarter (Q3). It is anticipated that the rate of expansion will increase by 5.0%. The USD/JPY pair might obtain a distinct direction from these data.

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