The Japanese yen is currently facing persistent pressure, hovering near a six-month low against the US dollar, influenced by mixed signals from both domestic and global markets.
Japan's services sector PMI for December rose to 50.9, indicating modest growth but still underperforming against the anticipated 2024 average, creating uncertainty regarding interest rate hikes.
Investors globally remain cautious, awaiting crucial economic data from the U.S., Europe, and the U.K., while a hawkish tone from the Federal Reserve could continue to strengthen the dollar.
The Japanese yen's strength depends on the Bank of Japan's signals toward tightening or the performance of U.S. economic data; without a shift, weakness is expected.
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