Forex Today: Bank Of Japan Yen Intervention Threat Remains - 12 September 2023

The Japanese Yen and the USD/JPY currency pair especially remain under threat of volatility as markets await US CPI data tomorrow and potential intervention from the Bank of Japan.

   

See full brokers list see-full-broker

 

  1. Markets remain focused on the Japanese Yen, as the Japanese Finance Minister makes non-committal comments following the Governor of the Bank of Japan’s remarks about a potential rate hike if the inflation target is met by the end of 2023, which drove up the value of the Japanese Yen quite strongly. There could be more volatility in the Yen as the danger of further intervention by the BoJ has not passed – additionally, there will be a release of US CPI (inflation) data tomorrow which might trigger volatility in markets.
  2. In the Forex market, the USD/JPY currency pair remains in focus, with its long-term bullish trend remaining intact as the price starts to gain again. Since the Tokyo open, the strongest major currency has been the Australian Dollar, while the Japanese Yen has been the weakest.
  3. Crude Oil remains strong, with the price continuing to edge up, very close to a bullish breakout into new long-term highs. OPEC and the US Energy Information Administration will both publish monthly market reports later today.
  4. Bitcoin is threatening to break down to new 2-month lows as the crypto sector remains weak, but it has bounced back so far in trading today.
  5. There will be a release today of UK claimant count change data (unemployment claims), which is expected to show a net increase of 90k new claims over the past month.
  6. It is likely to be a relatively quiet day in the market, as crucial US inflation data is awaited tomorrow.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

RECENT NEWS

Industry Responses: Strategies For Overcoming Regulatory Challenges In US Bitcoin ETF Approval

The journey towards the approval of Bitcoin Exchange-Traded Funds (ETFs) in the United States has been fraught with regu... Read more

Navigating Market Volatility: Assessing The Impact Of A Strengthening Dollar On US Stocks

In recent months, US stock markets have experienced a notable rally, with indices reaching new highs. However, amidst th... Read more

US Inflation Dips Unexpectedly To 3.3% In May, Fed Remains Cautious - 13 June 2024

There was good news on the inflation front, as inflation decelerated in May and was lower than anticipated. Read more

Forex Today: Lower US Inflation Sends Stocks Soaring Despite Cautious Fed - 13 June 2024

US inflation data showed no increases in prices over the past month, leading to an expected fall in annualized CPI which... Read more

Forex Today: US Stock Indices Close On Record Highs Ahead Of CPI, FOMC - 11 June 2024

US Stock Market Continues Advance, European Markets Also Bullish; Gold Near 2-Month Low; Euro Finds Support; Indonesian ... Read more

Forex Today: Euro Falls On Shock Macron Election Call - 10 June 2024

Macron Calls General Election as Far-Right Wins 40% in Euro Poll; Risk Appetite Drops After Higher US Earnings, NFP Frid... Read more