USD/JPY is treading water ahead of Tuesday’s Pacific market session, holding ground just below the 157.00 handle as investors await key data that will determine the pace of rate cuts from central banks moving forward.
Japanese Tokyo CPI inflation, US GDP & PCE inflation key data this week. Core Tokyo CPI inflation expected to tick higher on Friday. Rate cut-hungry investors hope US PCE inflation will hold steady in April. The trading week opened quietly with US markets shuttered on Monday for the Memorial Day holiday, and Tuesday will officially kick off the full trading week for the USD/JPY pair.
3% US Gross Domestic Product growth and Personal Consumption Expenditure Price Index inflation figures are due in the back half of this week; Thursday’s US quarterly GDP growth is expected to tick down to 1.4% in Q1 compared to the previous 1.6%, while investors are looking for Friday’s Core PCE Price Index inflation is to hold steady at 0.3% MoM.
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