Daily digest market movers: USD/JPY grinds lower ahead of Fed rate call
- The BoJ surprised markets with a second quarter-point rate hike for the year, lifting interest rates above zero to 0.25%.
- The Fed’s July rate call is broadly expected to keep rates standing pat.
- Markets will be looking for any adjustments to forward guidance, looking for hints about the Fed’s plans for September.
- Rate markets have fully pinned September rate cut forecasts to the ceiling, 100% odds of at least a quarter-point rate trim on September 18.
- Despite the rate hike from the BoJ, the Japanese central bank also trimmed its asset purchasing program less than expected, limiting upside potential from the rate hike.
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