Yen Rises Amid BoJ's Rate Hike Speculation
25 Luglio 2024 - 5:46AM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Thursday, as traders speculate that the Bank
of Japan is likely to raise its interest rate in the monetary
policy meeting due next week, to boost the currency.
The markets suspect the strength of the currency is due to the
Fx market intervention by the Japanese government authorities.
Traders await the outcome of the BoJ's policy meeting due on
July 31.
The Asian stock markets also traded lower, led by steep declines
for technology stocks, which mirrored their peers on the tech-heavy
Nasdaq, after a few big-name U.S. tech firms reported disappointing
quarterly numbers. Lingering concerns over slowing growth in the
world's second largest economy, China, also kept investors
nervous.
Traders also remained cautious ahead of the release of key U.S.
GDP and inflation data later in the week, which could have a
significant impact on the outlook for interest rates.
In economic new, data from the Bank of Japan showed that the
services producer prices in Japan were up 3.0 percent on year in
June, accelerating from the upwardly revised 2.7 percent increase
in May. On a monthly basis, producer prices were flat for a second
straight month.
In the Asian trading today, the yen rose to near 3-month highs
of 165.04 against the euro and 152.24 against the U.S. dollar, from
yesterday's closing quotes of 166.79 and 153.87, respectively. If
the yen extends its uptrend, it is likely to find resistance around
162.00 against the euro and 150.00 against the greenback.
Against the pound and the Swiss franc, the yen advanced to more
than a 2-month high of 196.27 and nearly a 2-month high of 172.33
from Wednesday's closing quotes of 198.60 and 173.83, respectively.
The yen is likely to find resistance around 193.00 against the
pound and 171.00 against the franc.
Looking ahead, Germany's Ifo business sentiment survey data for
July, European Central Bank's euro area monetary aggregates data
for June and the Confederation of British Industry's industrial
trends survey results for July are slated for release in the
European session.
In the New York session, Canada average weekly earnings data for
May, U.S. durable goods orders for June, GDP growth rate for the
second quarter, weekly jobless claims data, U.S. core PCE price
index for the second quarter and U.S. Kansas Fed manufacturing
index for July are slated for release.
Grafico Cross US Dollar vs Yen (FX:USDJPY)
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Grafico Cross US Dollar vs Yen (FX:USDJPY)
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