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| Yen Review |
The Yen's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
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Japan and Other Periphery Economies Struggling With Economic Cycle
The Japanese yen is on track for its weakest month since July, declining 4.2% against the U.S. dollar, after the Bank of Japan kept interest rates at 0.5% and adopted a less hawkish stance than anticipated. The yen saw a brief rebound following government remarks on monitoring foreign exchange movements and data indicating Tokyo's core inflation stayed above 2%. Analysts anticipate the BOJ will ultimately hike rates to around 1%.
Meanwhile, the U.S. dollar gained ground, with the dollar index rising 0.35% to 99.82 and poised for a 2% monthly increase. The Federal Reserve's recent rate cut highlighted splits among policymakers, with multiple officials resisting additional easing due to persistent inflation worries. Traders now assign a 63% probability to a December cut, a significant drop from the prior week.
In Europe, the euro slipped 0.37% to $1.1522 after the ECB maintained rates unchanged, while the British pound fell to $1.3132, its lowest level since April, amid political strains and uncertainty surrounding the forthcoming UK budget.
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