USD/JPY bulls capped on the opening gap, bulls remain in control USDJPY Currencies Fed BOJ
''Chair Powell is pleased with the recent softer inflation prints, but says the Fed needs substantially more evidence to be confident that inflation is on a sustained downward path,'' analysts at ANZ Bank explained. ''For the Fed, the biggest uncertainty surrounding the inflationis what happens with core services ex-shelter prices. Wages growth is the main driver of this component of inflation.
''Labour market data out last week point to still-hot demand for labour, but at the same time provide further evidence of cooling wage growth. Although wage growth is easing, it needs to slow further. With the labour market remaining tight, the Fed is likely to remain hawkish with its guidance,'' the analysts added.
Meanwhile, it will be a very light week in terms of US data, especially in comparison to last week. With that being said, Federal Reserve speakers will be out in force, including Powell. Also, at the end of the week, the highlight may be Consumer Price Index revisions. Of note, January CPI data won’t be released until February 14.
From the Bureau of Labor Statistics website: “Each year with the release of the January CPI, seasonal adjustment factors are recalculated to reflect price movements from the just-completed calendar year. This routine annual recalculation may result in revisions to seasonally adjusted indexes for the previous 5 years.
''Former Deputy Governor Nakaso has emerged as the other frontrunner and is viewed as slightly more hawkish than Amamiya. That said, we believe the next Governor will have no choice but to begin removing accommodation this year. Of note, Kuroda’s term ends April 8 and Prime Minister Kishida has said that the replacement will be named in February''USD/JPY is moving towards the gap but remains on the backside of the prior bearish trend so the bias is to the upside with the 132.
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