Daily digest market movers: Japanese Yen bulls seem non-committed amid the BoJ policy uncertainty...من Alan xi

01 Mar 2024, 12:42 · Views 91

The Japanese Yen struggles to capitalize on Tuesday's slightly warmer domestic consumer inflation-inspired gains amid the uncertainty over the Bank of Japan's policy outlook.
The latest CPI prints suggested that inflation is sticky even in Japan, fuelling speculations that the BoJ will eventually pivot away from its ultra-accommodative monetary policy settings.
Japan's economy unexpectedly slipped into recession during the fourth quarter and might force the central bank to delay its plan to end negative interest rates in the coming months.
US President Joe Biden emphasized the necessity of finding a solution to prevent a detrimental government shutdown on March 1 as a legislative logjam showed no signs of abating.
The US Census Bureau reported on Tuesday that Durable Goods Orders declined by 6.1% in January, the most in nearly four years and worse than a contraction of 4.5% anticipated.
The Conference Board's Consumer Sentiment Index fell to 106.7 in February despite a decline in inflation expectations for the next 12 months to the lowest level in almost four years.
The Federal Reserve Bank of Richmond's manufacturing index registered the fourth straight month of a negative reading, though improved to -5 in February from the -15 previous.
Apart from this, a modest downtick in the US Treasury bond yields keeps the US Dollar bulls on the defensive and is seen acting as a headwind for the USD/JPY pair on Wednesday.
Traders now look to the release of the Prelim US Q4 GDP print, which, along with speeches by influential FOMC members, will drive the USD demand and provide a fresh impetus.
The focus, however, will remain glued to the US Personal Consumption Expenditures (PCE) Price Index on Thursday, which could offer fresh cues about the Fed's rate-cut path.

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