USD/JPY braces for 138.30 hurdle on firmer yields ahead of US inflation, FOMC – by anilpanchal7 USDJPY YieldCurve Fed Inflation RiskAppetite
matched the market forecasts of 7.4% YoY for November versus 8.1% prior. Further, the Core PPI rose to 6.2% YoY versus 6.0% expected and 6.7% previous readings. Additionally, preliminary readings of the University of Michigan’s Consumer Sentiment Index rose to 59.1 for December versus 53.3 market forecasts and 56.8 final readings for November. Moreover, the 1-year inflation expectations dropped to 4.6%, the lowest since September 2021 while compared to 4.
At home, Japan’s Producer Price Index rose to 9.3% YoY in November versus 8.9% expected and 9.1% prior. However, the nation’s BSI Large Manufacturing Conditions Index for the fourth quarter slumped to -3.6 QoQ versus 0.1% market forecasts and 1.7 previous readings. Although the risk-off mood and the firmer US data keep the USD/JPY buyers hopeful, talks surrounding the Bank of Japan’s monetary policy tightening and a light calendar on Monday challenge the pair’s intraday upside. During the weekend, thepolicymaker Hajime Takata said in an interview with Japan's Nikkei newspaper that Japan's economy is not yet in a phase where the central bank can end yield curve control .
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