The Japanese Yen (JPY) extends its weakening trend further below the 155.00 psychological mark and drops to the lowest level since June 1990 against its American counterpart during the Asian session on Thursday.
The Japanese Yen continues losing ground amid the divergent BoJ- Fed policy expectations. The recent intervention warnings by Japanese authorities do little to provide any respite. Traders now look to the US Q1 GDP report for some impetus ahead of the BoJ on Friday. The Japanese Yen extends its weakening trend further below the 155.00 psychological mark and drops to the lowest level since June 1990 against its American counterpart during the Asian session on Thursday.
Traders now look forward to the release of the Advance US GDP report, which is expected to show that growth in the world's largest economy slowed to a 2.5% annualized pace during the first quarter of 2024 from the 3.4% previous. Apart from this, the US Personal Consumption Expenditures Price Index on Friday will be looked upon for cues about the Fed's rate-cut path and determining the next leg of a directional move for the buck and the currency pair.
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