Forex analytics and overview

Japanese Yen Drifting, U.S. Inflation Next

2022.11.09 14:29

[ad_1]

The Japanese yen has steadied after posting strong gains on Tuesday. In the European session, is trading at 145.67, up 0.03%.

Japan recorded a stronger-than-expected increase in and , but it’s questionable whether this positive trend will continue. hit 3% in September for the first time in over 30 years, raising concerns, but inflation is still at levels that other major central banks can only dream of.  The government is hoping that the finance package that was announced on Tuesday will reduce inflation and boost growth.

Still, the outlook for the yen, which has been on a prolonged downturn against the dollar, remains grim. The Bank of Japan is unlikely to veer from its ultra-loose policy, despite the declining yen and rising inflation, unless inflation continues to rise. The Federal Reserve is expected to deliver additional oversize rate hikes, which will widen the US/Japan rate differential and likely push the dollar lower.

At the BoJ’s meeting in late October, it was business as usual as policy makers maintained their dovish guidance. The BoJ remains an outlier amongst the major central banks, with a growing realization that any changes in policy will have to wait until Governor Kuroda’s term ends in April 2023.

In the US, the dust from the mid-term election hasn’t yet settled. The Republicans are expected to retake the House, but with a very slim majority, while the makeup of the Senate is unlikely to be determined for several weeks. The election hasn’t had much impact on the movement of the US dollar, as investors are focussed on the US on Thursday.

USD/JPY Technical

  • There is resistance at 147.07 and 148.45
  • 145.28 and 144.20 are providing support

USD/JPY Daily Chart

[ad_2]

Source link

Japanese Yen Drifting, U.S. Inflation Next

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,817.19 0.75%
ethereum
Ethereum (ETH) $ 1,895.38 0.39%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.32 2.12%
bnb
BNB (BNB) $ 580.42 0.23%
solana
Solana (SOL) $ 125.83 0.74%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.721905 0.46%
dogecoin
Dogecoin (DOGE) $ 0.169486 1.17%
tron
TRON (TRX) $ 0.221465 1.48%
staked-ether
Lido Staked Ether (STETH) $ 1,891.90 0.34%
pi-network
Pi Network (PI) $ 1.58 8.01%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,645.14 0.72%
leo-token
LEO Token (LEO) $ 9.75 0.32%
chainlink
Chainlink (LINK) $ 14.00 5.01%
stellar
Stellar (XLM) $ 0.282735 3.50%
usds
USDS (USDS) $ 1.00 0.00%
hedera-hashgraph
Hedera (HBAR) $ 0.192068 2.84%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,266.20 0.49%
avalanche-2
Avalanche (AVAX) $ 18.75 2.05%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.61%
sui
Sui (SUI) $ 2.22 2.69%
the-open-network
Toncoin (TON) $ 2.83 2.54%
litecoin
Litecoin (LTC) $ 90.34 0.36%
bitcoin-cash
Bitcoin Cash (BCH) $ 332.60 1.05%
polkadot
Polkadot (DOT) $ 4.10 2.21%
mantra-dao
MANTRA (OM) $ 6.22 4.05%
ethena-usde
Ethena USDe (USDE) $ 0.999881 0.04%
weth
WETH (WETH) $ 1,895.70 0.57%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.99881 0.20%
bitget-token
Bitget Token (BGB) $ 4.28 2.23%
hyperliquid
Hyperliquid (HYPE) $ 13.66 7.93%
whitebit
WhiteBIT Coin (WBT) $ 28.23 1.15%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,014.26 0.62%
monero
Monero (XMR) $ 209.15 0.70%
uniswap
Uniswap (UNI) $ 5.90 0.58%
susds
sUSDS (SUSDS) $ 1.04 0.03%
near
NEAR Protocol (NEAR) $ 2.68 2.89%
dai
Dai (DAI) $ 0.999929 0.01%
aptos
Aptos (APT) $ 5.19 0.25%
pepe
Pepe (PEPE) $ 0.000007 3.66%
ethereum-classic
Ethereum Classic (ETC) $ 18.27 2.50%
ondo-finance
Ondo (ONDO) $ 0.85723 0.43%
internet-computer
Internet Computer (ICP) $ 5.59 0.85%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,840.20 0.60%
okb
OKB (OKB) $ 42.05 0.27%
aave
Aave (AAVE) $ 167.29 3.40%
gatechain-token
Gate (GT) $ 20.44 0.28%
mantle
Mantle (MNT) $ 0.721994 3.96%
official-trump
Official Trump (TRUMP) $ 11.61 6.71%