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Summary: Data Remains Limited Ahead Of Central Bank Decisions

EMERGING MARKETS
  • EGBs have led core fixed income lower this morning following a higher-than-expected Spain HICP print. There were some methodological changes behind some of the increase but the overall result was that Y/Y HICP was a whole percentage point higher than expected at 5.8%Y/Y, an increase on December's 5.5%Y/Y print.
    • The Euro is the strongest currency across G10 following the release, prompting EUR/USD to briefly trade back above the 1.09 handle approaching the NY crossover.
  • USD/JPY slipped sharply through mid-Asia hours on the back of a publication from the Japan Productivity Centre - notably headed by Yuri Okina, a leading candidate for a senior position at the BoJ in the upcoming reshuffle - who wrote that the BoJ and government should commit to longer-term policy objectives around inflation. The pair shed around 80 pips on the report's release, bottoming out at 129.21 before bouncing into the European open.
  • Datapoints are few and far between Monday, with focus resting on the busy second half of the week, from the Fed, ECB and BoE decisions as well as a frantic earnings calendar and the US jobs report release on Friday.
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