The USD/JPY pair remains flat below the mid-148.00s during the early European session on Monday. Markets turn cautious amid the fear of FX interventio
Apart from this, economic data released on Friday revealed that Japan’s National for August came in at 3.2% YoY from 3.3% in July. Additionally, the National CPI ex Fresh Food improved from 3.0% in July to 3.1% in August, whereas the National CPI ex Food, Energy came in at 4.3% compared to 4.3% in previous readings.
On the USD’s front, Friday's Purchasing Managers Index data prompted concerns about the trajectory of demand conditions in the US economy in the wake of interest rate hikes cycle and elevated inflation. The US S&P Global Manufacturing PMI grew to 48.9 in September from 47.9 in August, indicating that manufacturing sector business activity continues to contract. The Services PMI fell to 50.2 from 50.5 the previous month, while the Composite PMI dropped to 50.1 from 50.2.
Most Fed officials still expect the additional rate to rise later this year. Susan Collins and Mary Daly, presidents of the Federal Reserve Banks of Boston and San Francisco, emphasized that although inflation is cooling down, additional rate hikes would be necessary.
Market participants will monitor Japan’s Tokyo Consumer Price Index for September, Industrial Production, and Retail Sales due on Friday. The key event this week will be the US Core Personal Consumption Expenditure Price Index, the Fed's preferred measure of consumer inflation. The annual figure is expected to drop from 4.2% to 3.9%.
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