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Japanese Yen recedes as Fed and BoJ decisions loom
Developing
In Short: The Japanese Yen strengthens as the Bank of Japan (BoJ) prepares to meet, with a 25-basis-point hike fully priced in, despite US Dollar pressure. Wage growth and Q2 GDP data support BoJ rate hike bets.
On the Japanese side, the Bank of Japan (BoJ) meets this Friday, with a 25-basis-point hike fully priced in, according to reports from FXStreet. The US Dollar remains under pressure, as a rallying Japanese Yen outweighs support from hawkish Federal Reserve bets and geopolitical tensions, as noted by Fxstreet. However, the upside for the Japanese Yen appears limited, given Japan's upbeat wage growth data and Q2 GDP revision, which continue to cement bets on a BoJ rate hike next week and bolster the Japanese Yen.
Jason, a trader, provides high-quality, reliable Forex, Gold, Silver & WTI Crude, PLUS US Index futures trading signals, helping traders make informed decisions and achieve their financial goals, according to Fxstreet. Despite the current pressures, a more hawkish repricing of the BoJ normalization path might continue to underpin the Japanese Yen and cap spot prices, as FXStreet's analysis suggests.
What's still developing
- Nothing material beyond the confirmed record.
Sources
- Fxstreetlink