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Yen Takes Focus, Tight Ranges Observed Ahead Of U.S. CPI

FOREX

The yen was in the spotlight after USD/JPY breached prior intervention levels on Wednesday and kept climbing as BoJ Gov Kuroda reaffirmed the central bank's dovish credentials. The rate got some reprieve in early Asia trade, but clawed back losses into the Tokyo fix and still operates within touching distance from the Y147.00 mark.

  • Japanese FinMin Suzuki reiterated that officials are focusing on volatility rather than specific levels of the exchange rate and stand ready to take bold action if they see excessive moves. USD/JPY overnight implied volatility extended yesterday's upswing to 22.4%.
  • Sterling traded on a heavier footing, with uncertainty surrounding the UK's fiscal outlook still causing reverberations in the FX market.
  • The U.S. CPI report provides the highlight of today's session, with headline inflation expected to have slowed to +8.1% Y/Y in September, per a Bloomberg survey. The data will inform the debate on Fed tightening outlook. As things stand, another 75b rate hike is virtually fully priced for the November FOMC meeting.
  • Other notable data releases include U.S. jobless claims, as well as German and Swedish CPI figures. Speeches are due from ECB's Nagel & Riksbank's Breman.
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