The USDJPY pair ticked higher on Wednesday and was trading
near the 114 level during the US session as rising stocks and rising yields
spurred demand for the USDJPY pair.
Traders paid attention to today’s US GDP preliminary data
for the third quarter, which came out at 3.5% and sent a strong message, that
the US economy is still outpacing other G7 countries. However, most economists expect
the economic activity to slow down over the next quarters as Trump’s tax cuts
positive influence on the GDP growth will fade out. Moreover, the GDP price
index remained at 1.7% on the yearly basis.
Later in the day, the Fed’s chair Jerome Powell is due to
deliver a speech titled "The Federal Reserve's Framework for Monitoring
Financial Stability" at The Economic Club of New York. The market will
look for any clues in his remarks about a possible pause in the rate hikes, due
to deteriorating economic numbers recently.
However, on Tuesday Mr. Richard Clarida backed the gradual
rate hikes approach, despite the recent slump on the stock markets. Thus,
today’s market hopes for a dovish Powell might be overrated and the greenback
could continue higher, should Powell confirm the hawkish bias at the Fed.
US yields moved higher today and it would appear that the
latest decline might be over, with the whole yield curve rising on Wednesday.
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