ForexLive Asia Wrap: Japan CPI edging up

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The forex trading headlines for Asia trading today, Friday July 26

Japan inflation figures released today:

  • Japan National CPI y/y for June: +0.2% , expected +0.1%, prior -0.3%
  • Japan National CPI Ex-Fresh Food y/y for June: +0.4% expected at +0.3%, prior 0.0%
  • Japan National CPI Ex Food, & Energy y/y for June: -0.2%, expected -0.3%, prior -0.4%
  • Tokyo CPI y/y for July (note, Tokyo CPI figures are available earlier than national CPI figures): +0.4% , expected 0.2%, prior -0.0%
  • Tokyo CPI Ex-Fresh Food y/y for July: +0.3% expected 0.3%, prior 0.2%
  • Tokyo CPI Excluding Food & Energy y/y for July: -0.4% , expected-0.3%, prior -0.4%
  • More on Japan’s CPI release – signs of the retreat of deflation?

Followed by a barrage of comments from Japanese authorities (more comments at each link):

Other news/comments:

After the USD sell-off in Europe and the US overnight it was a day of consolidation (and early, boozy lunches) in Asia today. EUR/USD and GBP/USD both approached their highs, as did AUD/USD and NZD/USD. All four of them backed away though, none managing a move to new highs as of writing.

USD/CHF and USD/JPY approached their lows, USD/CHF failed to break them but USD/JPY carried the flag, putting in lower lows from overnight. Earlier, USD/JPY had plunged below 99 in late North American trading, finding support just below 99.00 and bouncing back to 99.35/40. It chopped in a range 10/40 before falling to the already mentioned new lows for the session. CPI figures and the barrage of comments (see bullets above) only being met with more yen buying through the day.

Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.


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