See why $USDJPY will be looking at the Fed Reserve minutes today
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The rebound gains for the currency pair this week, and prior to today's events, reached the resistance level of 142.25, and it settled around the level of 141.22 at the time of writing the analysis.There were statements by a number of US Federal Reserve officials. Yesterday Loretta Mester, President of the Federal Reserve Bank of Cleveland, said she and her colleagues are fully focused on tackling high inflation and will use their tools to get the job done.
Investors expect the Fed to fall to a smaller half point, increase when it meets on Dec. 13-14, and for the benchmark rate to peak at around 5% next year, according to contract pricing in futures markets. Yesterday, Mester said labor demand remains out of balance with supply, although there was no evidence of a wage and price spiral that could lead to higher inflation on the scale of the 70s. “At this point, the demand for labor still exceeds the supply of labor,” she said during the virtual event.
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