The USD/JPY pair consolidates its recent gains below the mid-146.00s during the early Asian session on Monday. The pair trades close to the highest le
Japanese policymakers said that underlying inflation remains below its target, will maintain the current policy framework.
Federal Reserve Chairman Jerome Powell stated that they are prepared to hike interest rates further if required.consolidates its recent gains below the mid-146.00s during the early Asian session on Monday. The pair trades close to the highest level since November 2022 of 146.62, which was reached on Friday. The divergence in monetary between the Federal Reserve and the Bank of Japan boosts the Greenback, but the possibility of BoJ intervention could limit further appreciation.
On the US Dollar front, hawkish comments from the central banks' policymakers limit the upside of the Japanese Yen and support the USD/JPY pair. At the Jackson Hole, the Federal Reserve Chairman Jeromestated that the central bank is prepared to hike interest rates further if required and the next rate hike would be determined by data.
Apart from Powell’s speech, Philadelphia Fed President Patrick Harker said that he does not see the need for additional rate hikes at this time and the Fed should hold rates steady and observe the impact of policy on the economy. Meanwhile, ClevelandPresident Loretta Mester said that GDP and labor market data show that the economy is gaining momentum.
Moving on, market players will keep an eye on the Japanese Unemployment Rate and Retail Sales on Tuesday and Thursday, respectively. Also, the US preliminary
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