The dollar-yen pair falls sharply and falls to its lowest level in 6 weeks!
November 29, 2024
The USDJPY pair witnessed significant losses during trading on Friday, as the pair fell to its lowest levels in several weeks, specifically since October 21, due to the strengthening of market expectations regarding the Bank of Japan continuing to raise interest rates during the coming year.
In terms of trading, the dollar-yen pair fell clearly towards 149.50 points, which is the lowest level for the pair since October 21, but the pair began to recover gradually to currently trade near 150.13 points.
The decline came on the heels of the release of inflation data in Tokyo, which showed a better-than-expected performance. According to the data, the core consumer price index in Tokyo rose to 2.2% year-on-year in November, compared to expectations of 2.0%, and higher than the previous reading of 1.8% in October.
The decline came on the heels of the release of inflation data in Tokyo, which showed a better-than-expected performance. According to the data, the core consumer price index in Tokyo rose to 2.2% year-on-year in November, compared to expectations of 2.0%, and higher than the previous reading of 1.8% in October.
This decline shows the importance of Japanese economic data and its impact on currency movements, as markets await more indicators to determine the future path of monetary policy and its impact on exchange markets. Read also:
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