USD/JPY broke above the 156.00 handle on Monday as markets continue to chew through Japanese Yen (JPY) gains following a pair of suspected “Yenterventions” from the Bank of Japan (BoJ) at the end of April and beginning of May.
USD/JPY continues to grind higher as markets eat away at “Yentervention” declines. US inflation figures to dominate the trading week. Markets still hope for two rate cuts in 2024 despite inflation outlook. USD/JPY broke above the 156.00 handle on Monday as markets continue to chew through Japanese Yen gains following a pair of suspected “Yenterventions” from the Bank of Japan at the end of April and beginning of May.
Despite a recent parade of policymakers from the Federal Reserve voicing caution about markets hoping for rate cuts at a faster pace and sooner than the Fed can achieve, market hopes are still pinned firmly on two Fed cuts in 2024, with the first broadly expected to come in September. According to the CME’s FedWatch Tool, rate markets are pricing in nearly 90% odds of a rate cut in 2024, with 65% odds of a 25-basis-point cut in at the Fed’s September rate meeting.
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