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Yen Decline Persists, Pound Eyes UK Wage Data

Dollar Spikes on Strong PPI Data, Reverses as Bears Maintain Control

Dollar Hesitates after Stronger than Expected CPI, Sterling Lower on Job Data

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 Retreats as FM Tempers Inflation Optimism; Market Awaits US CPI and UK Wage Insights

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.

A Packed Day With UK Employment, Swiss CPI, German ZEW, and US CPI

On the contrary, Dollar stands out as the day's strongest performer for now, with the financial markets on edge for the upcoming US CPI data release. Analysts are forecasting deceleration in headline CPI from 3.4% to 2.9% in January, alongside minor decrease in core CPI from 3.9% to 3.8%.

Core Inflation Slowdown Hits a Snag, Dollar Rises Amid Fed Cut Uncertainties

Dollar rises significantly in early US session supported by the latest consumer inflation data, which also triggers a marked in DOW futures, dropping by over -300 points. Concurrently, 10-year Treasury yield is soaring near 4.3% mark. Most critically, the inflation data revealed that core CPI remained unchanged at 3.9% in January. This stagnation in core CPI—previously at 4% just three months ago and 4.3% six months back—sparked debates on whether disinflationary trends are stalling. This development would likely delaying any immediate Fed rate cut. Now, the May timeline for initiating rate reductions appears increasingly doubtful.

Dollar Defies Increasing Rate Cut Expectations, Gains Ground on Risk-Off Sentiment

Dollar rises broadly on risk-off sentiment today, as as Hong Kong stocks led the region lower. The greenback's strength comes despite growing calls for Fed to initiate policy loosening earlier. Notably, Goldman Sachs has joined this chorus, predicting an initial rate cut as early as March and a total of five cuts throughout the year. Concurrently, US 10-year yield has also breached the 4% mark, riding on the overall market sentiment.

Dollar's Rally Unfazed by Weak Manufacturing Data, Bolstered by Risk Aversion

Dollar continues its strong rally in early U.S. session, making an attempt to surpass January high against Euro. The market appears to be ignoring surprisingly poor results of Empire State Manufacturing survey. Instead, mild risk-off sentiment is prevailing, offering some support to the greenback.

Dollar Softens Mildly ahead of US CPI, Aussie Gains as China Relaxes Some Trade Sanctions

Dollar softens slightly in today's Asian session, as the global markets await forthcoming US consumer inflation data. Headline CPI is anticipated to show a modest deceleration to 3.2% in November, while core CPI is expected to remain stubbornly high at 4%. Fed's mandate to bringing inflation down to its 2% target necessitates a persistent slowdown in core inflation through the tough "last mile". Absent this, interest rates will either be maintained at their current elevated levels "for longer" or potentially be increased further. This context amplifies the importance of today's data as well as tomorrow's FOMC rate decision and the accompanying economic projections, which are poised to be major catalysts in the financial markets.

Dollar Fluctuates After US CPI, Decisive Moves Pending

In the aftermath of US CPI release, the forex markets are staying in a state of consolidation, with mixed reactions. Initially, there was an attempt to sell Dollar following the data, but this momentum quickly dissipated as the data largely aligned with market expectations. Headline CPI showed a gradual decline, albeit at a slow pace, while core CPI indicated stagnant disinflation. It may not be the right time to place significant bets on the greenback yet, especially considering FOMC rate decision and publication of new economic projections scheduled for tomorrow. The anticipation of these events has left room for potential market shifts, keeping market players cautious for now.