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JPY On Top as Local Report Stirs Policy Speculation

FOREX
  • JPY 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 inflation release. EUR/USD remains either side of the 1.0750 level, while AUD/USD sits just above the $0.69 after yesterday's inflation-inspired strength.
  • EUR/CHF's break above parity has held for a second session and could mark a material technical break higher. The solid close above the 200-dma opens progress toward 1.0092 - the 61.8% retracement for the June - September downleg.
  • US inflation data marks the focus for asset prices going forward, with consensus looking for a slowdown in CPI to 6.5% on the year and 5.7% 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.
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