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JPY on Top as Takata Signals Growing Confidence in Price Targets

FOREX
  • JPY sits on top in currency markets, with USD/JPY touching a pullback low of Y149.61 in early London trade. Tokyo hours saw the JPY rally on the back of some hawkish comments from BoJ's Takata, who pointed to the Bank's inflation target being within sight. Nonetheless, we still see the trend outlook remaining bullish and today's sell-off - for now - appears to be a correction.
  • Yields across core EGBs as well as US Treasuries have stepped higher, with the 10y yield cresting above 4.31% on the back of a stubborn set of regional German inflation numbers. The releases suggest upside risks for the national print later today, spelling issues for the ECB's policy plans this year - typified by comments from ECB's Holzmann, who stated that serious ECB rate cut discussions are unlikely before June.
  • NOK and NZD are the poorest performers as commodity-tied currencies remain very modestly softer - while EUR and USD are flat-to-higher, but second to JPY in European trade.
  • A busy US data session is set to follow, with the MNI Chicago Business Barometer the highlight - seen improving to 48.0 from 46.0 previously. Weekly US jobless claims data is also due, on top of personal income/spending and the latest PCE deflators. Fedspeak picks up, with Bostic, Goolsbee and Mester headlining.
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