YCL - Ueda's Comments Weigh On Yen As The Market Awaits U.S. CPI

2024-03-12 08:15:00 ET

Summary

• The dollar is going into the US CPI report narrowly mixed against the G10 currencies.
• The greenback is threatening to snap a five-day drop against the yen.
• Most of the large Asia-Pacific markets rose but Japan, which saw continued profit-taking.
• The Hang Seng and mainland shares that trade in Hong Kong surged by more than 3%, led by the tech sector.
• Europe's STOXX 600 is recouping most of yesterday's 0.35% decline. US index futures are firmer.

Overview

The US CPI has become one of the most important high-frequency economic reports for the capital markets. The dollar ( DXY , USDOLLAR ) is going into the report narrowly mixed against the G10 currencies. Comments by BOJ Governor Ueda about the weakness in consumption of nondurable goods was seen by some as reducing the likelihood of a change in policy next week. The greenback is threatening to snap a five-day drop against the yen. Most of the G10 currencies are in narrow ranges ahead of the US CPI. Emerging market currencies are also mixed - Russia, Thailand, and Hungary are the weakest, while the South African rand, Czech koruna, and the Chinese yuan lead the advancers. The Chinese yuan on- and offshore traded at their best levels since the end of January....

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