The USD Remains Steady Ahead of Data from Fed and BoJ


The US Dollar went on a break in the Asian session today following a tumultuous few days after Tuesday’s CPI result that came in strong.

The USD/JPY is currently near 143.50 after staying below 143 to start the Tokyo day. There was no intervention today, verbal or otherwise, after reports on Wednesday of the Bank of Japan (BoJ) calling banks to check rates.

The fallout of Tuesday’s US CPI number caused futures market pricing in 83 bp hikes at the coming week’s Fed meeting while the OIS is aiming for a 99 basis point.

The market awaits data from the US today and expects it to set the global market’s tone. They await numbers on employment, retail, business confidence, industrial production and capacity utilization, etc.

APAC equities mirroring Wall Street were slightly in the green, with China’s CSI 300 index the only laggard due to the Covid-19 policies.

Later today, Chinese President Xi Jinping and Russian President Vladimir Putin will meet in Uzbekistan.

This morning has seen Crude oil stagnant while gold is crawling lower, trading under US$ 1,690 an ounce. Treasury yields have crept a bp or 2 higher across the curve in Asia.

Australian unemployment data was higher at 3.5% for August. New Zealand’s GDP printed much better than anticipated in that region at 1.7% q/q for the second quarter instead of the 1.0% forecast.

French CPI today is the last expected information before Euro-wide CPI tomorrow.

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