USD/JPY declines to near 143.00 as DXY weakens further ahead of Fed policy – by Sagar_Dua24 USDJPY Fed BOJ CPI InterestRate
The DXY has dropped below 109.50 as investors have already discounted the rate hike by the Fed.has extended its correction after surrendering the immediate hurdle of 143.15. The decline is purely parallel to the subdued performance of the US dollar index . A mixed National CPI has failed to strengthen the yen bulls. The headline National CPI has landed at 3%, higher than the forecasts and the prior release of 2.6%. Also, the core CPI that excludes food andhas improved to 1.
On a broader note, the asset is oscillating in a range of 142.55-143.80 after declining from around 145.00. The asset is expected to display a lackluster performance as investors are awaiting the interest rate decision by the Federal Reserve . In order to regard its foremost priority of cooling the red-hot inflation, the Fed will advance towards the path of hiking interest rates. Investors should not be surprised with a rate hike of more than 75 basis points as price pressures are not responding effectively to the current pace of accelerating borrowing rates.
Meanwhile, the DXY declined on Monday after failing to sustain above the psychological resistance of 110.00. The DXY witnessed a steep fall as investors started discounting the expectations of a subpar rate hike. On the Tokyo front, the Bank of Japan ’s recent plan of intervening in the Fx moves is hinting at a shift in monetary policy stance. A worried economy due to currency depreciation from a tad longer period will prefer to shift its stance from an ultra-dovish to neutral. Well, the economic situation is not supporting a stance shift but caring for domestic currency is a major concern now.
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