Japan's core consumer inflation exceeded forecasts in May and an index excluding fuel costs rose at the fastest annual pace in 42 years, highlighting broadening price pressure that will keep the central bank under pressure to phase out its massive stimulus. The nationwide core consumer price index (CPI), which excludes fresh food but includes energy items, rose 3.2% in May from a year earlier, data showed on Friday, slowing from 3.4% in April but exceeding market forecasts for a 3.1% gain. Core consumer inflation has now stayed above the central bank's 2% target for 14 straight months, casting doubt on its view the recent cost-driven inflation will prove temporary.
US core CPI accelerated to a four-decade high 6.6.percent clip this past session; nevertheless, the S&P 500 turned a large bearish gap into a day’s rally on the biggest range since March 2020
Contraction in risk assets is mirrored for the US Dollar with one of the most abrupt downshifts in volatility or the Greenback of the year…before the US CPI release