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USD/JPY is trading higher despite a stronger-than-expected February CPI print – ING

Source Fxstreet

The stronger US Dollar (USD) momentum is showing in USD/JPY this morning, with the pair trading higher despite a stronger-than-expected February CPI print overnight, ING's FX analyst Francesco Pesole notes.

May will see the next move in BoJ rates

"Core inflation came in at 3.0% year-on-year versus expectations of 2.9%. The print is still marking a small slowdown from January (3.2%) and markets may therefore lack the incentive to bring the next hike forward to May. Our economist’s base case is instead that May will see the next move in rates."

"We suspect that USD/JPY is facing a similar unwinding of USD shorts to the rest of the G10 pairs. Given the yen’s safe-haven appeal ahead of US tariff announcements and our hawkish view on the Bank of Japan, we are not convinced a USD rebound will be played primarily via a materially higher USD/JPY."

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