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USD/JPY price action swings from one Fed speaker to the next

So far this week we heard a number of Fed governors adding their pennyworth to the monetary policy debate. That is to say they all have differing opinions and when they air those on the wires it creates a reaction in the dollar. We saw how Chris Waller grabbed the headlines in that regard yesterday and what that did to the US bond markets and the dollar. Well, already today we have others adding their opinions to the debate and it is not one-dimensional by any means. They are not all singing from the same song sheet. So, earlier the dollar was knocked back by dovish comments from Raphael Bostic and that sent the USD/JPY back from an an earlier GDP inspired high at 147.90, to as low as 147.10. Just now another Fed governor has been speaking and that has helped the USD/JPY to rebound as I type. Tom Barkin, also a voter in 2024 has said he is not sure the Fed is done and dusted when it comes to further tightening. The USD/JPY just now spiked above 147.60 on these comments. Similar derived price swings have also been seen across the US equity markets on all these comments too So, it is clearly a headline driven market and that is something you need to be aware of, if you are involved. The USD/JPY is just now at 147.60
 

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