USD/JPY – Japanese yen breaches 112, U.S consumer inflation misses forecast

Oct 11 13:10 2018 Print This Article

After five straight winning sessions, USD/JPY is unchanged on Thursday. In North American trade, the pair is trading at 112.26, down 0.01% on the day. On the release front, Japanese 30-year bonds posted a yield of 0.90%, its highest since February 2017. In the U.S, key indicators disappointed, as CPI and jobless reports missed their estimates. On Friday, the U.S releases a key consumer confidence gauge, UoM Consumer Sentiment.

U.S. consumer inflation numbers were soft in September, as CPI and Core CPI both posted small gains of 0.1%, shy of the estimate of 0.2%. On a year-to-year basis, CPI increased 2.3% in September, down from 2.7% in August. Still, with inflation above the Fed’s 2% inflation target, these readings will not affect the Fed’s plans to raise interest rates in December, which would mark the fourth rate increase this year. The likelihood of a rate hike remains high, with the CME pegging the odds at 76%. On the employment front, unemployment claims climbed to 214 thousand, higher than the estimate of 207 thousand.

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