- US consumer price inflation figures are in the spotlight today
- The Japanese yen is still the most influential currency today
- The USD/JPY pair is trading lower due to apprehensions about the Bank of Japan
- According to a survey, China’s GDP growth is forecasted to rebound to 4.9% in the upcoming year
- The ECB reports that headline inflation is expected to reach their 2% target by the second half of 2025
- The Bank of England has completed the sale of £19 billion in emergency bonds.
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When it comes to commerce, it may be seen that:
- The Japanese Yen is the top performer of the day with the New Zealand Dollar being the weakest
- Stock markets in Europe have risen with S&P 500 futures increasing by 0.1%
- US 10-year yields have decreased by 1.3 basis points to reach 3.532%
- Gold has risen 0.6% to $1,887.03
- WTI crude has gone up 1.3% to $78.41
- Bitcoin has advanced 3.7% to $18,207
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As we come closer to the US CPI data release which is due at 1330 GMT, the European session was quiet as expected. There was an absence of economic news which didn’t aid the sluggishness of markets who were mostly more cautious.
The Japanese yen strengthened, fueled by the news that the Bank of Japan would evaluate the outcomes of its loose policy at the upcoming meeting. USD/JPY decreased from 131.80 to 130.65 and stayed at the lowest value before the significant risk event.
The attitude of other main currencies was more subdued with the dollar remaining fairly stable and not registering any major shifts.
Bid prices for bonds rose slightly, however some of that gain was given back during the trading session as traders took a more cautious approach before the upcoming American inflation statistics are revealed.