The Yen has a good chance of being one of the highest-performing currencies in 2024 – SocGen NEWS|10/20/2023 14:00:29 GMT | By FXStreet Team
Kit Juckes, chief currency strategist at Société Générale, discusses the outlook for EUR/USD and USD/JPY. EUR/USD has some, albeit limited, room to fall in the fourth quarter EUR/USD could now price in the ECB and Fed doing nothing, and the US growing much faster than the Eurozone. The good US data is not having as much of an impact in October as it did in September, and we may be sitting around waiting for something to change. I am tempted to conclude that EUR/USD has some, albeit limited, room to fall in the fourth quarter. USD/JPY continues to be dragged higher by yields. This suggests that if we see a further rise in US yields, and nothing more than a change in the BoJ's inflation forecasts at the October 31 meeting, another rally above 150.00 is almost inevitable. The Yen has a good chance of becoming one of the highest-yielding currencies of 2024, but predicting when USD/JPY will peak is as easy, or as difficult, as choosing when US 10-year yields wi...