The post Japanese Yen remains lukewarm amid stronger US Dollar appeared on BitcoinEthereumNews.com.

The Japanese Yen lost ground after the release of Japan’s Trade Balance on Wednesday. Japan posted a trade deficit of ¥462.5 billion in April, a significant shift from the previous month’s surplus. Traders await FOMC Minutes to seek further clues about the Fed policy stance. The Japanese Yen (JPY) weakened following the release of Japan’s Merchandise Trade Balance data on Wednesday. The report showed that the trade deficit increased to ¥462.5 billion in April, swinging from the previous surplus of ¥387.0 billion. This outcome exceeded market expectations of a deficit of ¥339.5 billion. The deficit was mainly driven by the recent depreciation of the JPY, which led to an increase in the value of imports, outweighing gains from a rise in exports. Japan’s Exports (YoY) grew by 8.3% to ¥8,980.75 billion, marking the fifth consecutive month of growth but falling short of forecasts for an 11.1% increase. Imports also expanded by 8.3%, representing the strongest growth in 14 months, reaching a four-month peak of ¥9,443.26 billion. This growth reversed the trend from a revised 5.1% drop in March. The US Dollar (USD) advanced ahead of the release of the Minutes from the Federal Open Market Committee (FOMC) meeting held on May 1, which are expected to be published on Wednesday. The increase in US Treasury yields supported the Greenback. Daily Digest Market Movers: Japanese Yen depreciates amid hawkish Fedspeak Japan’s 10-year government bond yield surpassed 1% on Wednesday for the first time since May 2013, fueled by traders’ increasing bets that the Bank of Japan would tighten policy further in 2024 According to the CME FedWatch Tool, the probability of the Federal Reserve implementing a 25 basis-point rate cut in September has seen a slight uptick to 50.3%, compared to 49.6% a day ago. Federal Reserve Bank of Boston President…

---

Filed under: News - @ May 22, 2024 2:18 pm