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Yen Decline Persists, Pound Eyes UK Wage Data
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Dollar Spikes on Strong PPI Data, Reverses as Bears Maintain Control
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Pound Sterling holds onto gains above 1 2500 ahead of UK labor market, US CPI data
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Dollar saw only a temporary uplift from stronger-than-expected CPI figures from the US. The greenback reverted to pre-release levels, while stock futures rebounded. Traders appeared to be refraining from taking decisive bets. This reaction suggests that the inflation data, despite being higher than anticipated, may not be sufficiently influential to deter Fed from cutting interest rate in June. The core inflation rate's modest cooling, alongside perceptions of energy driven headline inflation rise as "transitory," has seemingly tempered immediate concerns over persistent inflationary pressures.
Yen weakened broadly in Asian session today, reversing some of its robust since the previous week. This shift in momentum comes amid tempered expectations for an imminent BoJ rate hike at next week's meeting. Japanese Finance Minister Shunichi Suzuki's comments that the country is not yet ready to declare victory over deflation, despite positive signs such as substantial wage hikes and record-high capital spending, prompted some traders to turn cautious. Meanwhile, BoJ Governor Kazuo Ueda's comments in a parliamentary session offered no new hints towards monetary policy adjustments, focusing instead on the bank's data-driven approach to confirming a wage-price spiral.