Mitsubishi UFJ: The minutes of the Federal Reserve meeting and the speech by Fed Chairman Powell will determine the future direction of the yen
Mitsubishi UFJ Financial Group stated that if the minutes of this week's Federal Reserve meeting and Fed Chairman Powell's speech on Friday depress U.S. Treasury yields, the yen may further appreciate against the dollar. Analyst Derek Halpenny said in a report that the minutes could provide an indicator for the expected rate cut in September. Powell's speech at Jackson Hole Symposium on Friday might also indicate that the Fed is ready to cut rates. These events are very important in determining whether recent declines in USD/JPY signal a period of general softening for the dollar.
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