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Market News USD/JPY Is Near Its All-Time Peak above 150.40 as the Dollar Finds Suitors

USD/JPY Is Near Its All-Time Peak above 150.40 as the Dollar Finds Suitors

USD/JPY recovered from an early decline on Thursday. The pair maintains its strength above 150.00 following conflicting US PMIs. The Japan CPI and US GDP, PCE figures are due the following week.

TOP1 Markets Analyst

2024-02-23

11702

On Thursday, USD/JPY fell and then rallied, reaching a low of 150.02 before recovering to the 150.60 region, following conflicting but overall positive US PMI data. After the majority of the week's data releases have been completed, USD/JPY traders will shift their focus to the robust economic calendar of the following week.

On Thursday, US Purchasing Managers Index (PMI) data was uneven, with the S&P Global Services PMI for February falling to 51.3 from 52.5, which was lower than the anticipated decline to 52.0. Unexpectedly, the Manufacturing component increased to 51.5 from the anticipated 50.5, down from January's 50.7. The revival in the Manufacturing PMI assisted in containing declines in the Composite PMI, which for February registered at 51.4 MoM compared to the previous month's 52.0.

As Japan resumes trading following a federally-observed day off to commemorate the birthday of Japanese Emperor Naruhito, USD/JPY markets recommence fully-loaded in time to analyze the Federal Reserve's (Fed) Monetary Policy Report for Friday before the weekend closes.

The National Consumer Price Index (CPI) of Japan is released early Tuesday of the following week, and US Gross Domestic Product (GDP) data is released on Wednesday. It is anticipated that Japan's National CPI excluding Fresh Food will decline further to 1.8% for the year ending in January, from 2.3% in the previous period.

The annualized GDP for the fourth quarter of 2023 is anticipated to remain unchanged at 3.3% in the United States.

The Japanese Retail Sales Report is released early the following day on Thursday, prior to the release of the US Personal Consumption Expenditure (PCE) Price Index figures. It is anticipated that Japanese retail sales will increase to 2.3% from 2.1% year-over-year in January, whereas the Core US PCE Price Index will increase to 0.4% month-over-month from the previous 0.2%.