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9 October 2024,02:12
Trade Of The Day
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9 October 2024, 02:12
* Spending Slump: The Japanese yen weakened further against the U.S. dollar as the greenback remained strong, driven by reduced expectations of a larger-than-anticipated rate cut. The CME FedWatch tool now shows traders predicting a 25-basis point cut for the Federal Funds rate in November, bringing it to 4.50%-4.75%. This shift comes after the September Nonfarm Payrolls (NFP) report highlighted strong labor demand, a drop in the Unemployment Rate, and continued wage growth. On the Japanese front, weak data added pressure on the yen, with consumer spending rising by just 0.1%. These trends are expected to dampen expectations of further Bank of Japan (BoJ) rate hikes in the final quarter.
* Technical Breakout: : USDJPY was traded higher following recent rebound from its low. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 149.550. Conversely, a potential reversal is also to be expected and the price could head back towards 146.950.
Looking ahead, investors will pay close attention to the US Consumer Price Index (CPI) data for September, which will be published on Thursday.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Japan data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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