It’s no secret that the yen has depreciated significantly, seeing sharp moves lower against G7 currencies. Get your market update from RichardSnowFX here:
surprised to the upside but the 9.2% figure is the lowest reading since January this year. US PPI data is due on Thursday, forecast to print inline with the May 0.8% figure. However, the most important scheduled event risk this week appears in the form of US CPI. Should the forecasted number of 8.8% materialize it would mark a return to the trend of higher inflation prints after April’s relative drop – potentially spurring USD/JPY.
Honourable mentions, at least as far as the US growth story is concerned, goes to US retail sales data and the University of Michigan consumer sentiment report. This version of consumer sentiment dropped to a record low, stretching all the way back to the 1970s, and is anticipated to break into sub 50 territory. Even if we are to see downside surprises in these data prints, it is highly unlikely to have any bearing on the Fed and its aggressive pace of policy normalization.
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