USDJPY: Asian foreign exchange increased, USD hit 3-month low
Most Asian currencies rose on Tuesday, pushing the dollar to a three-month low as confidence grew that the U.S. Federal Reserve is done raising interest rates.
However, gains for most regional currencies were limited this week as traders remained cautious on a number of key economic indicators. This week, all eyes will be on the PCE price index, the Fed's preferred inflation measure.
The Japanese yen had a particularly strong day, rising 0.3% on the day, as traders said they expect the Bank of Japan to exit its ultra-easy stance in 2024. Japan's stable inflation figures released last week further support this assumption. Thanks to the Fed's reassurance, the yen continued to recover from the 150 yen level. The immediate focus will be on Japan's industrial production and retail sales figures, which will be released later in the day. week.
However, gains for most regional currencies were limited this week as traders remained cautious on a number of key economic indicators. This week, all eyes will be on the PCE price index, the Fed's preferred inflation measure.
The Japanese yen had a particularly strong day, rising 0.3% on the day, as traders said they expect the Bank of Japan to exit its ultra-easy stance in 2024. Japan's stable inflation figures released last week further support this assumption. Thanks to the Fed's reassurance, the yen continued to recover from the 150 yen level. The immediate focus will be on Japan's industrial production and retail sales figures, which will be released later in the day. week.
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