USD/JPY opens in the previous consolidation area of 127.46-129.40 amid a risk-off impulse By Sagar_Dua24 USDJPY Fed BOJ Inflation RiskAversion
Soaring inflation and lower unemployment levels are indicating a jumbo rate hike from the Fed.Thehas opened on a minor slip at around 128.38 on Monday after a range-bound week. The pair remained in consolidation in a narrow range of 127.46-129.40 last week despite progressive odds of a 50 basis point interest rate hike by the Federal Reserve .
The testimony of Fed chair Jerome Powell on Thursday at the International Monetary Fund meeting has advocated a jumbo rate hike in May to tame the soaring inflation, which is affecting the households' living expenses. The story of a tantamount figure of 8.5% US inflation rate and consistency in full employment levels is demanding a quick reversion to neutralMeanwhile, the negative market sentiment recorded on Friday is likely to be followed on Monday, which may underpin the mighty greenback.
is likely to sustain above the round level support of 101.00 on bolstering chances of hawkish guidance From Fed’s Powell in monetary policy next month. at 1.2% is indicating a continuation of ultra-loose monetary policy. Printing National CPI below the targeted inflation rate of 2% doesn’t require a tight stance. It is worth noting that the plummet in the Japanese yen has witnessed a minor pause after a verbal intervention of Japanese Finance Minister Shunichi Suzuki.
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