USD/JPY pulls back from weekly highs near 142.00 amid anticipation for Fed decision – by christianborjon USDJPY Currencies Majors
ng. Traders brace for the US Federal Reserve July meeting, which starts today and ends tomorrow, followed by the Fed ChairRisk-on impulse and rising US Treasury bond yield failed to boost the USD/JPY
Wall Street is trading with gains ahead of the Fed’s decision on Wednesday. The Conference Board latest US Consumer Confidence report rose to a two-year high in July, jumping to 117 from 110.1 in June and exceeding estimates of 111.8. Even though thewas positive, consumers’ perceptions about a possible recession over the next 12 months ticked up.
Other data witnessed the House Price Index for May in year-over-year figures standing at 2.8%, above estimates of 2.6% but below the prior’s month data, while the Richmond Fed Manufacturing Index further deteriorated from -8 in June to -9. The USD/JPY lost traction of the US 10-year Treasury note yield, up two basis points at 3.900%, while the major dropped some 0.28%. At the same time, the US, a measure of the greenback’s performance against a basket of peers, clings to 0.05% gains at 101.431.
On the Japanese front, the Cabinet Office updated its projections, which according to Brown Brothers Harriman analyst Win Thin, are expected to be aligned with the Bank of Japan’s forecasts. Inflation is seen at around 0.7% from 2027 to 2032 as the baseline scenario, while for 2023 is estimated at 2.6% and 1.9% in 2024. Regarding economic growth, the office sees a 1.3% GDP growth in 2023 and 1.2% in 2024.
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