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Forex Today: USD/JPY Hits 38-Year High Above ¥160

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Forex Today: USD/JPY Hits 38-Year High Above ¥160

Adam Lemon

| Created on June 27, 2024

The Japanese Yen weakened meaningfully yesterday, with the USD/JPY currency pair making a fairly strong bullish breakout above the big round number at ¥160 to reach a level less than 20 pips below ¥161. There is not only weakness in the Yen, but renewed strength in the US Dollar, which has put this currency pair in focus. During much of today’s Tokyo session, the Yen regained some of its recent losses, although markets seem very unimpressed with the Bank of Japan’s threats to intervene to prop up the Yen.
Japan’s Chief Cabinet Secretary Hayashi said appropriate steps will be taken against excessive FX moves, while Finance Minister Suzuki said he is closely monitoring the Yen and is ready to take action if necessary.
Markets are awaiting a release of crucial US Final GDP data today, which is expected to tick up from an annualized rate of 1.3% to 1.4%. A meaningfully higher or lower number might change expectations of when the Fed will begin rate cuts. According to the CME FedWatch tool, the next rate hike is expected in September this year.
In the Forex market, the Australian Dollar is the strongest major currency since the Tokyo open, while the US Dollar is the weakest. However, it is worth noting that the US Dollar remains within a valid long-term bullish trend.
US New Home Sales data came in just a fraction below expectations yesterday.
The Governor of the Bank of England will be holding a press conference about the Financial Stability Report today.
There will be releases of Unemployment Claims and Pending Home Sales later today in the USA.

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