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USDJPY at $142 awaits BoJ Rate Decision and Outlook

USDJPY was last up 0.24% at 142.18 after dropping to 140.95 on Thursday, the lowest since July 31. The greenback is on track to post its worst week against the Japanese currency since July 14, with a 1.94% fall.

USDJPY Daily Chart

USDJPY Daily Chart

Fed Chairman Jerome Powell’s recent dovish tone and updated interest rate projections have significantly impacted the dollar. However, if inflation falls as anticipated, Atlanta Fed President Raphael Bostic’s statement regarding potential interest rate reductions in the third quarter of 2024 has added complexity to market expectations.

Amidst concerns about manufacturing activity in the US and the impact of strikes on production, the dollar index rebounded slightly on Friday, reaching 102.52, following a low of 101.76 on Thursday.

Meanwhile, in the eurozone, the euro fell 0.83% to $1.0899 due to deeper-than-expected downturns in business activity. The European Central Bank and the Bank of England’s resistance to rate cuts has supported the euro and sterling despite heavy market speculation on potential rate cuts from both banks in the coming year.

Investors are closely watching the Bank of Japan’s upcoming meeting, anticipating signals regarding its policy on rock-bottom interest rates.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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