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Jan 10 - 12:55 PM

USD/JPY: In Need Of Hard Data - Credit Agricole

By eFXdata  —  Jan 10 - 11:00 AM

Credit Agricole CIB Research discusses USD/JPY outlook ahead of this weeks US CPI print for the month of December. 

"The rhetoric of FOMC members Raphael Bostic and Mary Daly shows they both think the Fed Funds rate will have to go above 5% in order to tame inflation. Daly continues to see the Fed Funds rate as having to stay higher for longer than the market expects in order to wring inflation out of the economy. Both Committee members suggest this week’s CPI data will be important in determining the size of the rate hike in February...Also, investors seem to need hard economic data to change their opinion on the Fed. The downtrend in USD/JPY remains intact and comes in a bit before 133.50," CACIB notes. 

"US CPI data later in the week will be critical in seeing if we can close above that level and break the downtrend. Tokyo CPI data today showed further acceleration in headline and core measures of inflation, with inflation excluding fresh food coming in a little more than the market expected," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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