USDJPY Plunges to 157.95 After Suspected BOJ Intervention, Weak US Data
The yen surged against the dollar following suspected BOJ intervention, alongside weaker-than-expected US GDP and cooling core PCE inflation data.
Extreme volatility hit global markets overnight, driven by a suspected Bank of Japan currency intervention and a mixed bag of US economic data. Crude oil prices also declined during the session.
The Japanese yen surged, pushing USDJPY down to 157.95, its lowest level in recent trading, while the US dollar index came under significant pressure.
US GDP growth for the second quarter came in below expectations, and core PCE inflation showed cooling in June, reinforcing expectations that the Federal Reserve may soon pivot to rate cuts.
The combination of a stronger yen and softer US data weighed heavily on the dollar, extending its slide across major pairs.
Source: FXStreet Forex News