The US CPI has pushed the yen higher
2024-07-11 13:11:55
On July 11, data showed that U.S. inflation cooled much more than expected on Thursday, and the yen rallied sharply against the dollar. Market sources said the dollar sell-off was likely the result of profit-taking following weak U.S. data, but traders remained on high alert for signs of fresh intervention by Japanese authorities to boost a currency hovering near a 38-year low. The dollar fell as much as 2.5% against the yen to below 158. Kenneth Broux, head of FX and interest rate corporate research at Socie ́ te ́ Ge ́ ne ́ rale, said that this is undoubtedly a big market, but it cannot be said to be related to intervention. CPI is the trigger. The U.S./Japan plunge is more about triggering stop losses than intervention.
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