Yen traders on tenterhooks
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Yen traders are on edge as the debate over Japan's yen-buying intervention continues. The currency briefly slid to a 34-year low near 152 per dollar, prompting an emergency meeting of Japan's monetary authorities. The dollar has since pulled back to a 151.30-151.50 yen range. Chinese authorities are also concerned about the yen weakness affecting the yuan. In Europe, the UK's final fourth-quarter GDP data shows a 0.3% shrinkage, meeting the definition of a technical recession. Germany's Bundesbank suggests that the country may be in recession in the first quarter of 2024. The US is set to release the Federal Reserve's favored inflation measure, the core personal consumption expenditures (PCE) price index. Key developments that could influence markets include UK and US GDP data, German employment numbers, US consumer spending, and US University of Michigan consumer sentiment.

#Yen #CurrencyTrading #Intervention #Gdp #Recession #Inflation

https://www.tradingview.com/news/reuters.com,2024:newsml_L5N3G619P:0-yen-traders-on-tenterhooks/