Yen leads the way as currencies recover
The US dollar is lower across the board, taking hits from news of a less aggressive Trump tariff plan and softer US producer prices.
The Yen has found additional demand after the Bank of Japan Governor made hawkish comments, leaving the door open for another BOJ rate hike as early as this month.
In the UK, softer inflation data prevented the pound from extending its recent recovery rally, though overall setbacks were well supported. The rise in UK house prices at their fastest pace since February 2023 may have also provided some offset.
Looking ahead, we could see significant volatility in the North American session with the highlight economic release being US CPI. Other notable events include Canada manufacturing sales, New York Empire manufacturing, the Fed Beige Book, and some Fed speak.
The Yen has found additional demand after the Bank of Japan Governor made hawkish comments, leaving the door open for another BOJ rate hike as early as this month.
In the UK, softer inflation data prevented the pound from extending its recent recovery rally, though overall setbacks were well supported. The rise in UK house prices at their fastest pace since February 2023 may have also provided some offset.
Looking ahead, we could see significant volatility in the North American session with the highlight economic release being US CPI. Other notable events include Canada manufacturing sales, New York Empire manufacturing, the Fed Beige Book, and some Fed speak.
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