On the morning of the 10th, the dollar/yen exchange rate in the Tokyo foreign exchange market was in the upper 143 yen range to the dollar. In overseas markets, the dollar index fell on the back of speculation about China’s economic stimulus measures, while the yen sold slightly stronger due to concerns about the upside of the US consumer price index (CPI), which will be announced this evening in Japan time. The dollar and yen are likely to remain in the high range for the first time in about a week ahead of the announcement of the US CPI.
As of 6:54 a.m., the dollar/yen was 143.68 yen, almost unchanged from the previous day, and temporarily reached 143.75 yen on the 9th, the highest since the 3rd.
China’s July CPI, announced on the 9th, turned negative for the first time since February 2021, and trade statistics for the same month fell, raising expectations for the government’s economic stimulus measures. Although dollar-buying demand for risk aversion has calmed down, there is also a sense of caution that the dollar will strengthen and the yen will weaken depending on the results of the US CPI. approaching.
Even after the Bank of Japan softened its yield curve control (yield curve control, YCC) policy in July, the yen’s rise in long-term interest rates has been limited, and there is strong speculation that the US Federal Reserve Board (FRB) will raise interest rates further. If that happens, there is a possibility that yen-selling will intensify again as the pair is conscious of the difference in interest rates between Japan and the US.
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2023-08-09 22:05:00
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