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USD/JPY sinks to two-month low amid softening US inflation, Fed rate hike speculations
The USD/JPY extended its losses for the sixth consecutive trading session and broke to a new two-month low of 137.92 on speculations the US Federal Reserve would hike in July to reach its peak rates as inflation continued to ease. Hence, the USD/JPY is trading at 137.98, below the psychological 138.00 figure, after hitting a daily high of 138.95. Inflation in the United States (US) is edging lower after data revealed that the June Producer Price Index (PPI) missed estimates of the downside following Wednesday’s consumer inflation report. PPI expanded at a 0.1% YoY pace, beneath forecasts of 0.4%, and lower than May ... (full story)