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Japan's industrial production took a hit in July, falling by a worse-than-expected -2.0% mom, versus consensus forecast of -1.4% mom. The seasonally adjusted production index stumbled to 103.6, based on 2020 base of 100.
Markets took a breather in today's Asian trading session after Dollar experienced a significant selloff overnight. For now, the greenback seems to have found some footing, as market participants shift their focus to the release of high-impact data Eurozone's CPI flash and US PCE inflation slated for later today. Eurozone inflation report is particularly critical as it could have a direct influence on ECB decision to either hike interest rates again or hit pause during its September meeting. Traders should also brace for a potential market jolt with US non-farm payroll data due out tomorrow. A roller coaster of market movements can be expected for the rest of the week.
Euro falls broadly today together with other European majors. Some might point to the expected slowdown in Eurozone core inflation in August as a factor. But indeed headline inflation was steady from the prior month, above expectations. Comments from ECB officials were also hawkish. Traders are probably just squaring positions ahead of tomorrow's US non-farm payroll, after failing to push Dollar lower. Talking about the greenback, there is no clear reaction to PCE inflation data which came in as expected.
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