USD/JPY eyes weakness below 144.50 ahead of US Durable Goods Orders – by Sagar_Dua24 USDJPY BOJ Fed Finland Employment
Higher interest obligations are a major reason behind a decline in demand for durable goods.USD/JPY pair
is displaying signs of momentum loss after displaying a juggernaut rally to near 144.70. A failure in smashing the psychological resistance of 145.00 has set the stage for a correction in the counter. The pair has attempted multiple times to hit 145.00 but has failed amid lower consensus for the US Durable Goods Orders data.
According to the forecasts, the economic data will drop by 1.1% against a drop of 0.1% in the prior reading. Soaring price pressures have forced households to make significant changes in their consumption pattern and have compelled them to postpone their demand for durable goods. Escalating price rise index for durable goods and higher interest obligations due to monetary policy tightening by the Federal Reserve has resulted in a decline in the demand for durable goods. Also, households are catering to their needs for essentials first due to higher payouts amid a higher inflation rate.
It is worth noting that the Bank of Japan ’s intervention in the currency markets strengthened the Japanese yen against G-7 currencies except the US dollar index . The reason could be the heightened negative risk profile in which investors underpinned the greenback against yen. Market veterans believe that the impact of intervention won’t sustain for longer and the BOJ is needed to shift its stance and ditch the prudent approach., which is seen lower at 2.5% vs. The prior release of 2.6%.
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