USDJPY looks set to extend its recovery to150
USDJPY finished higher overnight at 146.47 (+0.99%), boosted by stronger-than-expected ADP employment data and comments from new Japanese Prime Minister Ishida, who met with #BoJ Governor Ueda yesterday.
Defying his reputation as a monetary policy hawk, Ishiba said the economy is not yet ready for further rate hikes. At the same time, Ueda reiterated his less hawkish remarks from last month's BoJ meeting. This pushes back the prospects of another rate hike until early 2025.
If tomorrow night’s non-farm payrolls report is in line or stronger than the 140k expected as hinted by this week’s JOLTS and ADP labour market updates, we should see USD/JPY continue to rise towards 150, a level not touched since late July.
Defying his reputation as a monetary policy hawk, Ishiba said the economy is not yet ready for further rate hikes. At the same time, Ueda reiterated his less hawkish remarks from last month's BoJ meeting. This pushes back the prospects of another rate hike until early 2025.
If tomorrow night’s non-farm payrolls report is in line or stronger than the 140k expected as hinted by this week’s JOLTS and ADP labour market updates, we should see USD/JPY continue to rise towards 150, a level not touched since late July.
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