The USD/JPY pair is descending further, and the market is stabilising.
The Japanese yen is solidifying its gains against the US dollar. The current USD/JPY exchange rate stands at 147.13.
A group of Asian currencies is consolidating against the US dollar today. However, they might strengthen during the day as US Treasury bond yields decline. Hawkish comments from some Federal Reserve policymakers fuelled the weakness of the US dollar this week. This sentiment will persist for some more time. The publication of the Core PCE data scheduled for today in the US is expected to confirm the trends around the issue of inflation decline.
Domestic reports from Japan present a mixed picture. Industrial production in October increased by 1.0% m/m, surpassing the expected 0.8% rise and the previous growth of 0.5%.
Retail sales volume in October dropped by 4.2% y/y. According to forecasts, the index was expected to reach 5.9% after an increase of 6.2% in September.
For Japanese consumers, inflation holds significant importance. Prices stopped rising in the middle of autumn, which is bound to be reflected in the statistics soon.
The post JPY continues to strengthen: Overview for November 30, 2023 appeared first at R Blog – RoboForex.