- The Japanese Yen loses ground after the release of Tokyo CPI inflation data on Friday.
- The Tokyo Consumer Price Index rose 2.2% YoY in September, down from August’s 2.6% increase.
- The US Dollar receives downward pressure from dovish Fedspeak.
The Japanese Yen (JPY) extends its downside for the third successive session following the Tokyo Consumer Price Index (CPI) data released on Friday. The JPY faces challenges as traders expect the BoJ to ponder before further rate hikes.
The Tokyo Consumer Price Index (CPI) increased 2.2% year-over-year in September, down from a 2.6% rise in August. Meanwhile, the CPI excluding fresh food and energy climbed 1.6% YoY in September, unchanged from the previous reading. The CPI excluding fresh food increased 2.0% as expected, compared to the previous rise of 2.4%.
The US Dollar could face pressure following dovish remarks from Federal Reserve officials. Traders are now expected to closely monitor the US Personal Consumption Expenditures (PCE) Price Index data for August, the Fed’s preferred inflation indicator, on Friday for fresh impetus, which is scheduled for release later in the North American session.
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