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26 Oct 2022

USD/JPY extends slide under 147.00 as dollar remains under pressure

  • Yen gains strength as central banks slowdown rate hikes.
  • US Dollar continues on correction mode, DXY drops by 0.68%.
  • USD/JPY falls for the third day out of the last four days.

The USD/JPY extended losses during the American session and hit fresh lows under 146.50 as the dollar continues to correct lower across the board and amid a less weak yen.

Less aggressive central banks?

Following the decision of the Bank of Canada to raise the key interest rate by 50 basis points, below the market consensus of 75 bps, the USD/JPY bottomed at 146.43, the lowest level in two days. The increase in interest below consensus adds to the expectations that the Federal Reserve might signal a slower pace of hikes after November.

US yields hit news weekly lows recently with the 10-year at 3.99% but then rebounded back above 4.00%, helping USD/JPY move off lows.

The yen is among the top performers on Wednesday even as Wall Street is holding onto most recent gains. The Dow Jones is up by more than 200 points or 0.66%, at fresh monthly highs.

Economic data from the US showed a 10.9% decline in New Home Sales in September to an annual rate of 603K, above the market consensus of 585K. On Thursday the US will release the first reading of Q3 GDP growth. The Bank of Japan will announce its decision on monetary policy on Friday.

Technical levels

 

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The USD/CAD rises following the Bank of Canada (BoC) monetary decision to lift rates by 50 bps on Wednesday, disappointing market participants, expect
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The European Central Bank (ECB) is set to announce its decision on monetary policy on Thursday, October 27 at 12:15 GMT and as we get closer to the re
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