USD/JPY soars to highest level since November 2022, following US data release USDJPY
US Q1 GDP grew by 1.3%, surpassing expectations, while Jobless Claims exceeded estimates. Core PCE inflation rose 5% in Q1.The Ninja continue edging higher on Thursday, maintaining yearly highs and approaching the key level of 140.00. This surge comes amidst positive economic developments, with the US Q1 GDP growth surpassing expectations andexceeding estimates. Additionally, core PCE inflation rose by 5% in the first quarter.
On the other hand, investors will closely monitor the May Tokyo Consumer Price Index, which is expected to further impact theThe US Bureau of Economic Analysis recently announced that the United States experienced a 1.3% quarter-on-quarter expansion in Gross Domestic Product during Q1 of 2023, surpassing the initial estimate of 1.1%. Additionally, Jobless Claims for the week ending on May 19 came in at 229k, lower than the expected consensus of 245k.
In response to concerns expressed by the Federal Open Market Committee regarding economic activity, the CME FedWatch Tool now indicates a higher probability of a 25 bps interest rate increase. This development has fueled an increase in US bond yields, with the 10-year yield reaching 3.79%, reflecting a 3.22% rise in a single day. Additionally, the 2-year yield currently stands at 4.46%, representing a gain of 2.61%, while the 5-year yield sits at 3.87%, showing a 3.22% increase.
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