Morning Bid: On alert for yen intervention, US inflation
It's been a mildly risk-off start to the week with most share indices in the red, the dollar up and Treasury yields down a touch, though there was no obvious catalyst for the moves.
The steady decline in the yen is also rippling across emerging markets, putting Asian currencies under stress as they need to drop to keep exports competitive. Theis up more than 10% on the yen so far this year and near its highest since 1992, a major reason analysts suspect Beijing is massaging its own currency lower over time.
The major data hurdle for the week will be the U.S. personal consumption expenditures price index on Friday which really needs to be benign to keep the market wagering on a September rate cut.
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