USDJPY Crosses 150 Mark
London: 27 October 2023 (TraderMade): In a significant development, the Japanese yen dipped below the crucial 150 mark,sparking speculation about potential currency market intervention.
After weeks of hovering near the 150 threshold, the yen slipped on Wednesday and Thursday. Yesterday, the pair rose up to 150.77951 and closed at 150.37399. At about 06:50 AM GMT today, it was at 150.25.
The role of BoJ
The Bank of Japan (BoJ) has historically remained tight-lipped about its plans, leaving uncertainty about whether 150 holds special significance. BoJ's focus has been on yen volatility rather than a specific exchange rate level.
Notably, the yen last crossed the 150 barrier on 3 October, rebounding soon after. The BoJ never confirmed any intervention during that episode, as suggested by BoJ data analysis.
US GDP surges
The US GDP has remarkably grown, surging to 4.9% year-on-year for the third quarter. This figure surpassed market expectations of 4.3% and outperformed the second-quarter reading of 2.1%.
Interestingly, the robust GDP report did not significantly alter the likelihood of a year-end interest rate hike, with the current odds standing at 24%, down from 27% before the report.
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