USD/JPY Forecast: Market Eyes Services PMI for Clues on Yen and BoJ Policy
==========
On Wednesday, July 24, private sector PMI numbers from Japan will garner investor interest; The Jibun Bank Services PMI may influence expectations of a July Bank of Japan rate hike; The all-important US Services PMI also requires consideration; A higher Services PMI may raise investor expectations of a July Bank of Japan rate hike; The services sector contributes about 70% to the Japanese economy; Rising job creation and input/output prices could further increase expectations of a July BoJ rate hike; The Bank of Japan needs the services sector to fuel headline inflation; The Japanese government reiterated concerns about the weak Yen; Bank of Japan Deputy Governor Ryozo Himino highlighted the weak Yen’s impact on the economy; Some economists believe reducing JGB purchases would address the Yen’s weakness more sustainably; Economists forecast the S&P Global Services PMI to fall from 55.3 in June to 54.4 in July; A lower-than-expected services PMI could raise expectations of multiple 2024 Fed rate cuts; Slower service sector activity may impact employment trends and wage growth; USD/JPY trends hinge on the July services PMIs, Tokyo inflation, and the US Personal Income and Outlays Report; A USD/JPY return to 156 could support a move toward the 50-day EMA; A drop below the 155 handle could bring the 200-day EMA and the 151.685 support level into play.
#Usd/jpy #ServicesPmi #BankOfJapan #Yen #Inflation #Economy #UsServicesPmi #FedRateCuts
https://www.fxempire.com/forecasts/article/usd-jpy-forecast-market-eyes-services-pmi-for-clues-on-yen-and-boj-policy-1448284
FX Empire /
npub1lj…9zjdc
2024-07-24 00:37:20
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wss://relay.damus.ioPublished at
2024-07-24 00:37:20Event JSON
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"content": "USD/JPY Forecast: Market Eyes Services PMI for Clues on Yen and BoJ Policy\n==========\n\nOn Wednesday, July 24, private sector PMI numbers from Japan will garner investor interest; The Jibun Bank Services PMI may influence expectations of a July Bank of Japan rate hike; The all-important US Services PMI also requires consideration; A higher Services PMI may raise investor expectations of a July Bank of Japan rate hike; The services sector contributes about 70% to the Japanese economy; Rising job creation and input/output prices could further increase expectations of a July BoJ rate hike; The Bank of Japan needs the services sector to fuel headline inflation; The Japanese government reiterated concerns about the weak Yen; Bank of Japan Deputy Governor Ryozo Himino highlighted the weak Yen’s impact on the economy; Some economists believe reducing JGB purchases would address the Yen’s weakness more sustainably; Economists forecast the S\u0026P Global Services PMI to fall from 55.3 in June to 54.4 in July; A lower-than-expected services PMI could raise expectations of multiple 2024 Fed rate cuts; Slower service sector activity may impact employment trends and wage growth; USD/JPY trends hinge on the July services PMIs, Tokyo inflation, and the US Personal Income and Outlays Report; A USD/JPY return to 156 could support a move toward the 50-day EMA; A drop below the 155 handle could bring the 200-day EMA and the 151.685 support level into play.\n\n#Usd/jpy #ServicesPmi #BankOfJapan #Yen #Inflation #Economy #UsServicesPmi #FedRateCuts\n\nhttps://www.fxempire.com/forecasts/article/usd-jpy-forecast-market-eyes-services-pmi-for-clues-on-yen-and-boj-policy-1448284",
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