The Japanese Yen (JPY) continues with its struggle to register any meaningful recovery and languishes near a multi-decade low against its American counterpart during the Asian session on Wednesday.
The Japanese Yen fails to lure buyers in the wake of the divergent BoJ- Fed policy expectations. A positive risk tone also undermines the JPY, though intervention fears help limit further losses. Traders also seem reluctant ahead of this week’s key central bank event risk and US macro data. The Japanese Yen continues with its struggle to register any meaningful recovery and languishes near a multi-decade low against its American counterpart during the Asian session on Wednesday.
9 from March's final reading of 51.7. Investors, however, seem convinced that the Federal Reserve is unlikely to begin its rate-cutting cycle in June and have also scaled back their expectations about the total number of rate cuts in 2024 to less than two. Traders now look to Wednesday's release of the US Durable Goods Orders, though the focus remains on the Advance Q1 GDP and the Personal Consumption Expenditures Price Index on Thursday and Friday, respectively.
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