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Dollar Resilient, Yen Finds Support from G7 Comments

Markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill


April 18, 2024 ( Newswire) The dollar retreated to a certain extent after a period of gains. While the greenback could remain under some pressure for a second consecutive session against a basket of major currencies, it still hovers near its five-month highs following recent remarks from Federal Reserve Chair Jerome Powell suggesting no urgency in cutting interest rates. The market continues to assess the U.S. interest rate outlook following comments from Federal Reserve officials, which reinforced expectations of an ongoing tight monetary policy. The currency could react to Fed comments and job market data today and could find support in stronger-than-expected data. As a result, US treasury yields could remain elevated if the data is strong.

Concurrently, the yen found some support after the country's top currency diplomat emphasized the G7's commitment to mitigating excessive currency volatility. As such, risks of intervention from Japanese authorities remain present as the yen hovers near the 155 level against the dollar and could potentially support the yen. Volatility in the yen could increase on Friday with the release of Japan's inflation data. The Inflation Rate YoY for March is forecasted to decrease to 2.7%, down from February's 2.8%. Should the figures align with or fall below the market consensus of 2.7%, the yen could face further downward pressure.

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