USD/JPY rallied higher in European trade as we remain within the range of 141.50 to the 145.00 area which provided some much-needed resistance last week. Get your market update from zvawda here:
meeting this week should set the stage for the fourth quarter as markets wait with bated breath. The implications of the meeting will be felt across global markets with the Fed leading the tightening cycle while remaining in a better position economically than some of its peers. The meeting this week is expected to see a further 75bp hike delivered, however, most of this hike is priced in, it will be the minutes of the meeting and the speech by Fed Chair Powell which will pique interest.
on the other hand is unlikely to waver from its policy stance despite a rise in inflation reported today. According to sources familiar with the matter, massive rate hikes would be needed to instill some strength into the Yen but the BOJ remains unconvinced that the current inflation rate warrants such an action. The bank fears the damage to the economy as wage growth continues to lag while inflation is expected to plateau moving forward.
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