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Post CPI Bid Unwound


GBP464.999mln of the 3.75% Oct-53 gilt sold


Large Dec'23 SOFR Put Condor Buy


No Further Monthly Progress In Core CPI Moderation



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G10 FX Space Holds Risk-On Pattern Despite North Korean Missile Test


Risk sentiment has been mildly positive, with the Antipodeans edging ahead of their G10 peers and traditional safe haven currencies lagging behind in early trade. Headlines surrounding a suspected North Korean ICBM test have failed to reverse this dynamic, as the greenback remains the worst performer, even as the BBDXY index has moved away from session lows.

  • The yen has clawed back losses versus most major peers, with USD/JPY printing new session lows, as BoJ Gov Kuroda noted that an environment is being created for labour market to tighten. Around the same time, Asahi reported that the North Korean projectile may have fallen within Japan's EEZ.
  • In the grand scheme of things, the latest CPI report out of Japan did little for the yen. The uptick in USD/JPY observed on the release was limited and short-lived. Core consumer inflation picked up to +3.6% Y/Y in October from +3.0% prior, beating the median estimate of +3.5%, which is unlikely to persuade the BoJ to change tack. After the release, central bank Governor Kuroda said that the current inflation situation isn't sustainable.
  • Looking ahead, focus on the data front turns to U.S. existing home sales, UK retail sales and Norwegian GDP. Comments are due from ECB's Lagarde, Nagel & Knot, Fed's Collins, as well as BoE's Mann & Haskel.

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