While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say.
Economists expect the US to report a slower growth rate of 2.5% in Q1 2024. The Bank of Japan is set to leave rates unchanged after its historic hike in March, which failed to lift the Yen. The Fed´s preferred inflation gauge, core PCE has the final word of the week. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.
Moreover, that has not helped in buoying the struggling Yen. Investors were unimpressed by Japanese officials' signal to intervene and boost the currency. A joint statement by the US, Japan and South Korea referring to the weakness of these Asian currencies also failed to move the needle. Japan relies on energy imports, which are denominated in US Dollars. Higher gasoline prices are not the kind of inflation the BoJ aims for.
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