Price pressures in Japan are increasing, according to inflation data released today, an encouraging sign for the Bank of Japan as they look to start normalizing policy.
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 09, 2024 when EUR/USD traded near 1.08.The latest Tokyo inflation report, widely regarded as a leading indicator for national inflation trends, reveals increasing price pressures in May. The core Consumer Price Index , which excludes fresh food, rises in line with forecasts to 1.9% year-on-year, up from 1.6% in April. Meanwhile, the headline CPI, which includes all items, climbs from 1.
As the Tokyo region serves as a bellwether for broader inflationary trends in Japan, the latest figures underscore the continued recovery in consumer prices. Policymakers and market participants will scrutinize upcoming national inflation data for further signs of sustained price/JPY traders waiting for today’s US Core PCE data before taking any positions ahead of the weekend. USD/JPY is trading on either side of 157.
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