The US dollar climbed to a new 34-year high against the Japanese yen today. It was partly supported by inflation data in the United States, which showed no signs of easing. They were in line with expectations that the US central bank (Fed) is likely to delay cutting interest rates until later this year. Shortly before 18:45 CEST, the dollar was adding 1.3 percent to the Japanese yen at 157.67 USD/JPY. The dollar index, which tracks the dollar’s performance against a basket of six major world currencies, was up 0.5 percent at the same time, rising to 106.11 points.
The Japanese yen weakened against the dollar after the Bank of Japan left interest rates unchanged today, although it hinted at future increases. With the Japanese yen at multi-day lows, market participants are on the lookout for possible Japanese intervention to support the currency.
In the United States, the focus has been on inflation. The personal consumption expenditures (PCE) price index rose 0.3 percent in March, in line with analysts’ expectations. The PCE price index is one of the measures of inflation that the Fed tracks in its pursuit of the 2 percent inflation target. In order for inflation to return to this target, monthly inflation values must continuously reach 0.2 percent, Reuters reminded.
“The timing of rate cuts is likely to shift further as services inflation picked up again last month,LPL Financial analyst Jeffrey Roach said in an emailed comment to Reuters.
Development of the USDX dollar index (1-hour chart – H1):
Development of the currency pair USD/JPY (1-hour chart – H1):
Source: Reuters, ČTK, MT4, LPL Financial
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