Forex Top Team

Opening the Week with Eyes on German Ifo Index and Central Bankers’ Remarks: USD/JPY Steady Near 160 Yen

On the Tokyo market’s opening, USD/JPY is steady near 160 yen, ranging between 159.62-159.92. The market’s reaction to the BOJ’s policy meeting was limited. The 160 yen level remains a psychological threshold, with Japanese officials making typical yen depreciation warnings.

In the overseas market, watch for any changes if USD/JPY exceeds 160 yen. Recent yen depreciation has been steady, unlike the last rapid move past 160 yen, suggesting a potential intervention shift.

Today’s economic data is sparse, with Turkey’s capacity utilization rate and Germany’s Ifo business climate index being key releases. The market is likely to focus on the German data, with a consensus forecast of 89.6, slightly up from 89.3.

Notable scheduled remarks come from central bankers including Fed’s Waller, Bundesbank’s Nagel, ECB’s Schnabel, and BoC’s Macklem. ECB’s stance on the upcoming months and the US Fed’s outlook on rate cuts will be critical points of interest.

Earlier, USD/JPY briefly dipped to 158 yen but rebounded quickly. Future dips will be eyed for potential buying opportunities.

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12th in July 2024, Today’s Options

EUR/USD: EUR amounts 1.0650: €1.8 billion 1.0690: €1.1 billion 1.0695: €873 million 1.0700: €896 million 1.0800: €1.7 billion 1.0850: €2.4 billion 1.0900: €934 million USD/JPY:

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