FX.co ★ 27.03.2024: USD ruling market again, Xi Jinping pushing Wall Street up (SP 500, EUR/USD, and Brent)

The US economy has manifested its strength much better than expected. Judging by the latest reports, inflation is still raging in the US housing market, and the number of orders for durable goods is increasing. But the market's main focus this week is consumer inflation data that will be published in the US on Friday. Investors have already revised their expectations for rate cuts by leading central banks. On the back of these forecasts, the US dollar is on track for solid gains for the first quarter. But today Japan’s financial authorities tried their best to save the yen from an even worse failure.This time, the Bank of Japan, the Ministry of Finance, and Japan’s Financial Services Agency met during trading hours in Tokyo to discuss the critical situation. Following its results, Masato Kanda, who is responsible for the government’s monetary policy, said that he “does not exclude any steps in response to erratic movements in the exchange rate.”Of all the currencies in the dollar basket, the yen suffered the most under the weight of the advancing greenback and tumbled to the lows unseen since 1990. Such a dismal slump prompted Japan's top officials to make joint efforts to support the national currency. As a result, they managed to knock the rate down from a dangerous 152 to 151.1 yen against the greenback.

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