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May 14 - 08:55 AM

USD/JPY - COMMENT-Hot US CPI May See USD/JPY Bulls Charge At 160 Again

By Rob Howard  —  May 14 - 06:40 AM

USD/JPY bulls might stamp their hooves before charging towards the 160 level again if U.S. CPI data comes in hotter than expected on Wednesday.

USD/JPY rose beyond 160 on April 29 - the catalyst for the first of two rounds of suspected yen-buying FX intervention from Japan, with a sub-152 low plumbed during the second of those suspected intervention rounds on May 3.

U.S.
April CPI is forecast up 0.4% on the month, 3.4% on the year.
Core CPI is forecast up 0.3% on the month, 3.6% on the year.
The numbers will be revealed on Wednesday at 1230 GMT.

Hotter than expected CPI data could lift the dollar by reducing the perceived probability of a Federal Reserve rate cut in July or September.

CFTC data on FX positioning showed hedge funds and speculators slashed their net yen short position by 20% to 134,922 contracts, its lowest level since March, in the week ended May 7.

Related comment: nL1N3H20MN

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Source:
Refinitiv IFR Research/Market Commentary

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