USD/JPY retreats from daily highs of 150.41 reached during the Asian session, extending its losses below the 150.00 figure after the Japanese Yen (JPY
USD/JPY drops from daily high of 150.41 to 149.70s, down 0.40%, amid strengthening Yen. US core PCE for September at 3.7% YoY, with general inflation at 3.4%, both in line with estimates. Tokyo's core inflation rose to 2.7% YoY, exceeding forecasts of 2.5%, while headline data rose above 3.3% YoY, above September’s 2.8%. ) strengthened, following an uptick in Japan’s inflation.
Despite all that, expectations for further Fed rate increases remain subdued, as shown by the CME FedWatch Tool, which foresees no hikes for December 2023 and witnessed January’s 2024 odds diminish to 28.91%, from 1-month ago of 37.7%. Consequently, the US 2-year Treasury bond yield retreated two basis points, although it sits at 5.02%, weighed on the Greenback, which is down 0.25%, with the US Dollar Index hoovering at 106.34.
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