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Light Risk Aversion With Jackson Hole On Mind

FOREX

Cautious mood has taken hold as all three main e-mini contracts have slipped in early trade. The greenback leads gains at the margin, as participants assess yesterday's hawkish remarks from Fed officials in the context of the central bank's annual economic symposium.

  • The yen has shown limited, if any, reaction to a set of stronger than expected Tokyo CPI figures, a bellwether of national price dynamics. Core prices rose 2.9% Y/Y this month, beating the median estimate of 2.7%. The outturn is unlikely to affect the BoJ's thinking as the Policy Board deems the recent intensification in price pressures to be of cost-push nature.
  • Antipodean currencies have softened in early trade as yesterday's bid evaporates. Regional risk barometer AUD/JPY has ground away from one-month highs printed yesterday.
  • Today's economic calendar is heavily U.S.-centric, with Fed Chair Powell set to deliver a keynote speech at the Jackson Hole Forum. The final reading of Uni. of Mich. Sentiment, flash wholesale inventories as well as monthly personal income/spending figures will take focus on the data front.
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