Monday , 25 November 2024
Home Forex BOJ Ueda: No change in view of Japan economic outlook despite Q1 GDP contraction
Forex

BOJ Ueda: No change in view of Japan economic outlook despite Q1 GDP contraction

BOJ Ueda is speaking in the early US session and says:

  • No change to view on Japan’s economic outlook despite Q1 GDP contraction
  • Japan’s Q1 GDP contraction was due largely to drop in auto output, impact on consumption and exports
  • Expect auto output to recover in Q2 onward. Cost-push inflation to keep easing and underpin consumption
  • Our view on global economy has not changed much since BOJ’s policy meeting in April
  • Biggest focus regarding overseas risks would be whether U.S. economy will achieve soft landing
  • Don’t see any fresh risks regarding overseas economic outlook

The USDJPY moved above the corrective high from last week at 156.75 at the end of yesterday, and in Asian-Pacific and the European session (by a few pips). The high reached 156.895. The appraiser is taking to new lows at 156.534. The rising 100-hour moving outcomes and at 156.209. Ultimately, getting and staying below the 100-hour moving average is needed to increase the bearish bias technically.

This article was written by Greg Michalowski at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

ECB’s Lane: Monetary policy should not remain restrictive for too long

Barring new geopolitical or political risks, a large part of the final...

Reminder: It will be a holiday-shortened week in the US

And typically, that means broader markets will likely observe a more quiet...

Dollar down as Trump picks Scott Bessent for role of Treasury secretary

The initial reaction seems to be that billionaire Scott Bessent is a...

FX option expiries for 25 November 10am New York cut

There are just a couple to take note of, as highlighted in...