Stabilisation

The U.S. dollar has stabilised and consolidates yesterday's losses stemming from the local CPI report, which suggested that inflation slowed last month. The BBDXY index oscillates around neutral levels.

• USD/JPY has shed a handful of pips despite an uptick in U.S. e-mini contracts. The rate sank to its worst levels in more than a week Wednesday, bottoming out just above the Y132.00 mark. Worth noting that USD/JPY 1-year risk reversal is chewing into yesterday's losses, approaching the breakeven level.
• The Aussie dollar underperforms at the margin, even as its antipodean cousin NZD sits at the top of the G10 pile. AUD/NZD trades ~20 pips lower on the day, despite Australia/New Zealand 2-year swap spread being little changed on the day.
• Today's data highlights include weekly jobless claims & monthly PPI due out of the U.S.