The USD/JPY pair extends its upside to 156.50 in Tuesday’s European session.
USD/JPY rises to 156.50 with eyes on crucial US inflation readings. Investors expect that the fed will start lowering interest rates from September. Japan’s Q1 GDP will indicate the economic strength. The asset strengthens as investors turn cautious ahead of the release of the United States Consumer Price Index data for April and the Japan’s preliminary Q1 Gross Domestic Product data.
The producer inflation will indicate the chance in prices of goods and services at their premises. Meanwhile, the Japanese Yen remains on the backfoot as investors worry about the Bank of Japan’s policy-tightening scope in the upcoming meetings. Going forward, investors will focus on the Q1 GDP data, which will be published on Thursday. Economists expect that the Japanese economycontracted by 0.4% after expanding by 0.1% in the last quarter of 2023.
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