The USD/JPY pair continues its winning streak for the fourth trading session on Thursday.
USD/JPY extends its winning spell above 151.00 amid a recovery in the US Dollar. Jerome Powell may highlight the need for ‘higher for longer’ interest rates. BoJ Ueda warned about the consequences of exiting from an easy policy stance on financial institutions. The asset extends upside above 151.00 as investors remain cautious ahead of the speech from Federal Reserve Chair Jerome Powell. S&P500 futures trade directionless in the European session amid caution ahead of Fed Powell’s speech.
Meanwhile, Philadelphia Fed President Patrick Harker, in a statement, said that the next decision from the central bank would be highly dependent on economic data. Fed Harker sees the Unemployment Rate rising to 4.5% before falling in 2024 and inflation falling to 3% in 2024. The Japanese Yen weakened against the US Dollar as wage growth in Japan slumped, which has resulted in a slowdown in consumer spending.
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