USD/JPY ascends following a US inflation report indicating reacceleration, challenging levels that might prompt intervention. Rising inflation figures push Treasury yields higher and boost the US Dollar. Market anticipates future Fed actions with keen interest in upcoming monetary policy minutes. The USD/JPY rallied to an almost 34-year high after a hotter-than-expected inflation report in the United States sent US Treasury yields soaring. Consequently, the major climbed past the 152.
Following the inflation report, the Chicago Board of Trade Fed funds futures estimate just two rate cuts by December 2024, with speculators projecting interest rates to end at around 4.97%. The USD/JPY rose sharply and hit a multi-year high of 152.
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Source: DailyFX - 🏆 305. / 63 Read more »