The Japanese Yen remains weak as traders await July Tokyo CPI and unemployment figures, with USD/JPY near multi-decade highs.
USD/JPY traded slightly higher at 163.80 on Tuesday, staying close to multi-decade peaks as the Japanese Yen faced weak demand. Softer US consumer confidence data capped the US Dollar’s gains, though the pair retained an upward bias.
The Conference Board’s Consumer Confidence Index fell to 90.8 in July from a revised 92.2 in June. The Present Situation Index declined for a third straight month to 114.9, while the Expectations Index held at 74.7, signaling caution among US households.
Investors now focus on Tokyo’s inflation and employment data. Core CPI (excluding fresh food) is expected to rise to 1.7% YoY in July from 1.6%, while the unemployment rate is forecast to remain at 2.5%.