Even if the USD/JPY rate enters the 138-yen range, concerns about intervention may remain limited
14.07.2022
- Switzerland – Producer Import Prices
- U.S. Producer Price Index
U.S. currencies rose the previous day on expectations of interest rate hikes following the release of U.S. CPI data, which showed a year-over-year increase of 9.1%. The euro fell slightly below parity against the dollar, dropping to 0.9998.During today’s Asian trading session, the market continues to test lower levels. The U.S. dollar is also firm against the pound, with the GBP/USD pair falling from 1.1966 to 1.1827. The USD/JPY pair has risen above the 138 yen level and continues to climb, though concerns about potential currency intervention by the Bank of Japan remain limited.
European currencies, including the pound and the euro, are trading weaker against the U.S. dollar but have risen against the yen. In particular, the euro/yen pair rose by about 160 pips from 137.125 to 138.799. It has continued to hit new highs during today’s Asian trading session. We will be watching to see if it extends its gains to around 139.314, the level of the 75-period moving average on the 4-hour chart.
Today, at 3:00 PM Asia time, Germany’sthe German Wholesale Price Index at 15:30, Swiss Producer Import Prices at 15:30, Turkish Industrial Production at 16:00 (European time), the U.S. Producer Price Index, U.S. Initial Jobless Claims, and Canadian Manufacturing Sales at 21:30 (U.S. time), U.S. Natural Gas Inventories at 23:30, and remarks by Fed Governor Waller at 24:00.We should remain cautious about the direction of the USD/JPY pair, as its upward momentum shows no signs of stopping.
Author: Keisuke Sakurai
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