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USD/JPY Faces Selling Pressure Amid Speculation on BoJ Rate Cuts

Elena by Elena
25/07/2024
in YEN exchange rate, News
Boj may not move to USDJPY or to 130
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The USD/JPY currency pair is experiencing selling pressure, trading around 153.70, its lowest level in three months, during the early Asian session on Thursday. The Japanese Yen (JPY) is receiving temporary support from growing speculation that the Bank of Japan (BoJ) will lower interest rates in the upcoming week.

The BoJ is expected to discuss the possibility of raising interest rates and may introduce a plan to significantly reduce bond purchases in the near future. Commerzbank FX strategist Antje Praefcke noted, “Ahead of the BoJ’s interest rate decision next week, increasing numbers of analysts anticipate that a rate hike could occur sooner rather than in September. It will also be noteworthy to see if the BoJ addresses its bond purchases and considers gradual reductions.” Furthermore, potential foreign exchange interventions by Japanese authorities could limit the upside potential for the USD/JPY pair.

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In the United States, mixed economic signals are putting additional pressure on the USD. The US S&P Global Composite PMI increased to 55.0 in July from 54.8 in June, while the S&P Global Manufacturing PMI fell to 49.5 from 51.6, falling short of the market consensus of 51.7. On the other hand, the Services PMI improved to 56.0 from 55.3, exceeding the expected 54.4. These mixed signals, combined with a dovish stance from the Federal Reserve, are contributing to the selling pressure on the USD.

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  • Current YEN Exchange Rate: 9000 Yen in Dollar
  • Current YEN Exchange Rate: 60000 Yen to USD
  • Current YEN Exchange Rate: 500 Yen to US Dollars
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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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