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Old 20-09-2023, 11:55
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Default USD/JPY Treads Water Below 148.00 Ahead of Fed Rate Decision

As the eagerly awaited Federal Reserve (Fed) interest rate decision inches closer, the USD/JPY currency pair finds itself in a holding pattern, oscillating within the narrow range of 147.70 to 147.85 during the early European trading session on Wednesday. Presently, the pair is hovering at 147.83, registering a minimal 0.01% decline for the day.

Market participants widely anticipate the Fed to maintain its current interest rates in the September meeting, as indicated by the CME Fedwatch Tool, which assigns a 99% probability to this scenario. However, the outlook for rate hikes in November and December has been adjusted downward, a factor that might exert downward pressure on the US Dollar.

In an effort to align US economic growth with its potential rate and address concerns about inflation, US Treasury Secretary Janet Yellen has expressed the need for a slowdown. Meanwhile, the latest economic data reveals that US Building Permits for August surpassed expectations, but Housing Starts saw a slight decline.

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