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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.
JapanA-ministry-of-economyMarkets 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.
ChinaShanghaiGermanyFranceAustraliaItalyJapanChicagoIllinoisUnited-statesCanadaHong-kongEuro 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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