USD/JPY trades at 159.359 after gaining 41 pips from Monday's open, with Tokyo inflation data and US GDP the key tests ahead.
USD/TRY closed Wednesday at 45.87939, up 163 pips from Monday's 45.71597 open. The pair printed a week-to-date high of 45.90766 on Tuesday before consolidating just below that level. Wednesday's range compressed to just 18 pips, the tightest session so far this week.
The dollar's steady advance against the lira reflects broader emerging market pressure as traders position ahead of Thursday's US data dump. Risk-off sentiment across EM currencies pushed USD/TRY through the 45.85 level Tuesday, with the pair holding gains into Wednesday's quiet session.
Thursday brings the US Preliminary GDP print at 12:30 UTC, expected at 2.0% versus 0.7% prior. If GDP beats alongside the Core PCE Price Index (forecast 0.3%), USD/TRY could test Tuesday's 45.90766 high. Friday's Tokyo Core CPI and German Preliminary CPI add another layer, potentially shifting global rate expectations if inflation surprises persist.
The 45.90 handle stands as the immediate ceiling after capping Tuesday's advance. If Thursday's data pushes USD/TRY through that resistance, the psychological 46.00 level becomes the obvious target. Below, Monday's 45.52301 low marks the week's floor, though you'd need significant dollar weakness to revisit it before Friday.
Byline: LHFX Research
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EUR/USD sits at 1.16379 after grinding sideways for three days, with positioning nearly balanced at 51.6% long.
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