Good morning!
It was mostly quiet in Asia, with little econ data and the RBA minutes not containing anything new. USD/JPY hit a high of 116.80 overnight, after the sharp decline to 115.50 yesterday. The recent GDP data suggests a delay of the planned sales tax hike is almost a sure thing. This would usually be JPY-negative, but I think the reason for the +100 pips drop yesterday was the risk of snap poll, which led to some nervousness in the market.
Looking ahead, the market will be focusing on the Japan PM’s Abe press conference (said to begin between 09:00 and 10:00 GMT) and the UK inflation data at 09:30. This will be followed by German ZEW data at 10:00 GMT.
In the US session, we will see the US PPI release.
Good luck!
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