USD/JPY and oil had some movement during the session but otherwise it was sideways across the majors board.

On Thursday USD/JPY dropped from 134.50 during Asia to lows circa 120 points south into the European session. And then, by early in Asia trade, had climbed nearly all the way back up again. The high for USD/JPY was just above 134.40 here as Asia got more underway for Friday, and since then its dribbled back to be straddling 134.00 as I update.

Japan’ s finance minister Suzuki was on the news wires once again trying to ‘jawbone’ USD/JPY lower, but it was off its highs by the time he got in front of the microphone.

Oil lost ground, both WTI and Brent, but the move was minor in the context of the price swings it has seen recently. In the absence of any other catalyst the dribble lower was blamed on concerns over new COVID mass testing programs in China, Shanghai (see bullets above for more).

T he data focus was on inflation, for May, from China. The producer level result was its lowest in 14 months while consumer-level inflation for the month was little changed from April. The focus on this China inflation data was mild compared to the intensity of focus on the incoming US inflation data later today:

us cpi 10 June 2022

This snapshot from the ForexLive economic data calendar, access it here.

  • The times in the left-most column are GMT.
  • The numbers in the right-most column are the 'prior' (previous month) result. The number in the column next to that, where is a number, is the consensus median expected.