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US Inflation Up, USD/JPY In Play
Welcome to Friday’s trade! It’s been an active day on the markets, once again led by commodities. Crude oil is down, silver is up, and natural gas is trading slightly higher. The USD is off 0.25%, with the USD Index (DXY) falling beneath the 98.000 threshold. Today’s economic calendar is relatively quiet. However, the Institute of Supply Management (ISM) released its latest manufacturing numbers. The big takeaway was the ISM Manufacturing Prices Paid. This number came in at 84.6, shattering expectations of 80.0 and marking the highest level since 2022.
The ISM Manufacturing Prices Paid measures the degree of inflationary pressure in the economy. According to this morning’s figures, prices are up across the board, not good news for the incoming Fed Chairman Kevin Warsh. We’ll be watching Warsh, inflation, and the entire macroeconomic situation closely as we roll into the summer months. Here’s a level worth watching in the USDJPY:
Daily 62% Retracement, 158.71
Thursday was a huge day for the Japanese yen versus the global majors. Our Daily 9/20 EMA crossover is now set up as a sell position. However, holding out for a better entry is the safe play after such a big move. Check out our Key Levels for more information on this Trade Idea.
Trade well, and we’ll see you in the markets!
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