MUFG: Fed meeting minutes and Fed Chairman Powell's speech will determine the subsequent direction of the yen
Odaily Planet Daily reported that Mitsubishi UFJ stated that if the minutes of the Federal Reserve's meeting this week and the speech by Federal Reserve Chairman Powell on Friday lower the yield on U.S. Treasuries, the yen may further appreciate against the U.S. dollar. Analyst Derek Halpenny said in a report that the minutes may provide an indicator for the expected rate cut magnitude in September. Powell's speech at the Jackson Hole symposium on Friday may also indicate that the Federal Reserve is prepared to cut rates. These events are crucial in determining whether the recent decline in the U.S. dollar against the yen presages a broader weakening of the U.S. dollar over the coming period. (Jinshi)
