Tight G10 Ranges, JPY Marginally Pressured

There has been little in the way of meaningful moves this morning. JPY is under some light pressure, the weakest performer in G-10 space at the margins, with USD/JPY 20 or so pips higher vs. the NY close. The DXY is essentially flat.

• Japan CPI data for Dec crossed the wires, the headline figure was in line with estimates with the core-core CPI marginally below estimates, however this is unlikely to move the needle for the BoJ (at least during Kuroda's tenure).
• Fedspeak from NY Fed President Williams has also hit. He noted there is still more work to do to tame inflation and that it made sense for the Fed to slow rate rises in December. He reiterated themes observed in recent communique in that the Fed has a way to go on rate rises, while not being drawn into a specific call re: the size of the hike that should be deployed at the next FOMC, alluding to market pricing that is "roughly consistent" with Fed's rate outlook.
• NZD/USD is a touch below $0.64. Dec Business NZ m'fing PMI printed 47.2 this morning with Nov print revised lower to 47.2, as the measure remained in contractionary territory for a third straight month.
• AUD/USD is little changed, dealing in a narrow $0.6910/20 range today.
• The monthly LPR fixings from the PBoC will cross shortly. Further out, UK and Canadian retail sales data will be published on Friday, as well as U.S. existing home sales. There remains potential for commentary from central bankers and politicians in Davos. Most notably, ECB’s Lagarde will be participating in a panel discussion titled "Global Economic Outlook: Is this the End of an Era?," although she has already provided some steer on monetary policy settings this week.