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FOREX: JPY Surges on Tokyo CPI, Leaving Tankan as Next BoJ Hurdle

FOREX
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  • JPY is firmer against all others in G10 headed into the final session of the week, with the higher-than-expected Tokyo CPI print for November leading the currency higher. The regional print is a leading indicator for the national figure that follows in three weeks time, and will add further pressure to the split pricing at the BoJ's December decision.
  • The fallout for the JPY has tipped USD/JPY to new pullback lows of 149.54, well within range of the key support at the 149.14 100-dma. A bearish close today would add to the corrective impetus and expose 149.09, the Oct 21 low, however it's the upcoming Tankan survey that we see as key for the BoJ's bias into December. The release is due on December 12th, just one week before the last BoJ decision of the year.
  • The readthrough for the USD has resulted in further weakness across the USD Index, however volumes remain particularly light given the only-partial opening of US markets today - conviction will likely remain light until next week, and as markets look to gauge risk ahead of the NFP print on Friday.
  • For the rest of the Friday session, Eurozone CPI is the headline, expected to show the CPI estimate at 2.3% Y/Y, keeping the annual rate sticky and above the last 2.0%.
  • Canada GDP numbers are set to cross, as well as speeches from ECB's de Guindos and Nagel.
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  • JPY is firmer against all others in G10 headed into the final session of the week, with the higher-than-expected Tokyo CPI print for November leading the currency higher. The regional print is a leading indicator for the national figure that follows in three weeks time, and will add further pressure to the split pricing at the BoJ's December decision.
  • The fallout for the JPY has tipped USD/JPY to new pullback lows of 149.54, well within range of the key support at the 149.14 100-dma. A bearish close today would add to the corrective impetus and expose 149.09, the Oct 21 low, however it's the upcoming Tankan survey that we see as key for the BoJ's bias into December. The release is due on December 12th, just one week before the last BoJ decision of the year.
  • The readthrough for the USD has resulted in further weakness across the USD Index, however volumes remain particularly light given the only-partial opening of US markets today - conviction will likely remain light until next week, and as markets look to gauge risk ahead of the NFP print on Friday.
  • For the rest of the Friday session, Eurozone CPI is the headline, expected to show the CPI estimate at 2.3% Y/Y, keeping the annual rate sticky and above the last 2.0%.
  • Canada GDP numbers are set to cross, as well as speeches from ECB's de Guindos and Nagel.