forexfinance2.39 min read Market Watch: Yen Plummets, Stock Rally Hangs in Balance, US Economy Soft Landing, and Dollar Outlook Tied to Inflation
The Japanese yen reached a one-year low against the US dollar as traders awaited US inflation data, which is expected to provide further insight into the Federal Reserve's approach to managing price pressures. The focus will be on the US consumer price index (CPI) numbers, with more Fed speakers lined up to potentially echo Chair Powell's stance on leaving room for further interest rate hikes. The yen has been under pressure due to rising US Treasury yields and continued dollar strength. Meanwhile, data from Japan showed a slowdown in wholesale inflation, suggesting fading cost pressures and offering little support for the yen.
2 years ago•Source: Reuters
