Japanese Yen Outlook: USD/JPY, EUR/JPY & GBP/JPY
The yen weakens further as Fed Chair Powell's cautious remarks influence market sentiment. USD/JPY remains around 161, with resistance at 162, driven by Powell's comments and upcoming US CPI data. June's lower-than-expected PPI in Japan adds pressure on the yen. The sentiment is bullish for USD/JPY, supported by strong US economic indicators. Key influences include Federal Reserve signals, US economic data, and Japan's PPI. Potential movement for USD/JPY could see it testing 162 resistance.
Dollar Calm ahead of FOMC Minutes
The dollar index steadied in the last session, trading above the $105 mark, ahead of the highly anticipated FOMC meeting minutes. Market expectations are leaning towards a more hawkish stance from the U.S. central bank due to a tight labour market. Analysts predict that the Fed is likely to implement two 25 bps rate cuts toward the end of the year, contingent on further evidence that inflation is slowing.
Euro Braces for ECB and Draghi, US Dollar Eyes CPI Data
Global traders will be in for a turbulent day as the ECB prepares to announce its rate decision which may inspire market-wide volatility. This may be amplified by US CPI data.
Gold Prices Menace Chart Support as Focus Turns to US Retail Sales
Gold prices continue to pressure chart support guiding the uptrend from November as investors eye US retail sales data. Crude oil prices resilience may be
