USD/JPY kicks off the week with an attempt to halt the winning streak, trading lower around 147.70 during the early trading hours of the Asian session
on Monday. However, US Dollar is experiencing selling pressure after the downbeat consumer sentiment data from the United States released on Friday.
In the past week, key economic data from the US for the month of August provided positive results. The Consumer Price Index , which measures inflation, came in higher than anticipated. In terms of expectations regarding the US Federal Reserve , the probability of one more interest rate hike through the end of the year 2023 still remains relatively elevated. This indicates that the market is still factoring in the possibility of further tightening measures by the Fed.
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