The USDJPY pair broke above the psychological 150.00 barrier for the first time since November 2023. Such a surge in the US dollar was due to a surprising CPI report from the US, which indicated that inflationary pressures in the economy were more resilient than previously expected, reducing expectations for faster interest rate cuts.
The probability of a rate cut in May has fallen to 29% (before the reading it was close to 50%), and the market is now forecasting close to 3-4 rate cuts this year. Source: Bloomberg Financial LP
Source: xStation
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