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The USD/JPY cycled around the 148.00 handle on Monday as traders gear up for the Bank of Japan’s (BoJ) latest rate statement on Tuesday, coming ahead of another round of Japanese inflation figures slated for Friday with the Tokyo Consumer Price Index (CPI).
USD/JPY holds lower ground near 140.10-15 as it stays pressured around the intraday low while defending the previous day’s retreat from the yearly top
Sweden: The Riksbank hiked rates as expected by 50bp to 3.50%, but the signals for future policy was dovish, signalling for less than another 25bp hike in either June or September, clearly lower than market pricing heading into the release. Anna Breman and Martin Flodén dissented against the decision, opting for a 25bp hike instead and a rate path signalling for additional 25bp hikes in June and/or September. For now, we keep our 50bp call for June, but given yesterday's release there is downside risk to our call. Given the signals, we would not rule out a scenario with 25bp in June foll...
Pay rises: German public sector wage negotiations (covering some 2.5 million workers) has reached an agreement. The deal has several elements: (1) no permanent wage increase in 2023, but a EUR 1240 one-off payment in June 2023, followed by monthly payments of EUR 220 from July 2023-February 2024; and (2) from March 2024 a permanent wage increase of EUR 200 plus 5.5%. Overall, for a 24 month agreement the union talks about wage increases between 8.2% and 16.9%, with the average wage increase around 11.5%. Overall, it marks yet another agreement with significantly higher wage growth that could f...
USD/JPY portrays the typical pre-event anxiety as it seesaws near 128.20-30, picking up bids of late, as markets in Tokyo open for the key Wednesday.