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Japanese Yen Outperforming Ahead of US CPI, Argentina CPI and BCRP Decision Due

LATAM
  • The Japanese Yen sits firmer against all others in G10 following an overnight report in Yomiuri, which suggested the Bank of Japan would take a closer look at the side-effects of their monetary policy and yield curve control programme. The report has stirred speculation that the Bank could change tack on policy sooner-than-expected, and has raised the focus on the January 18th policy meeting. USD/JPY has drifted lower throughout European trade, with the downside accelerating on the break below the Monday low at 131.31.
  • Elsewhere, price action is more muted as markets sit on the sidelines ahead of the US December inflation release. Consensus looks for a slowdown in headline CPI to 6.5% Y/y and 5.7% for core. The release is seen as one of the most important economic releases of recent weeks, and could prove pivotal for the February's FOMC decision, at which markets remain split between a 25 and 50bps rate hike.
  • In LatAm, Argentina will report December CPI and Peru's central bank are broadly expected to hike the reference rate by 25bps to 7.75%.
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