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USD/JPY edges back close to 154 as Nikkei 225 rebounds
The Nikkei 225 is still very much in the red this morning but off its worst levels of the session, which saw it fall close to the 63k handle. That was when the Brent crude oil price was testing $110. The index has since lifted back towards the 64k handle, but it is yet to reclaim that level. So, at the same time the USD/JPY has fallen back from an earlier high at 154.62. The dollar had closed in the US at 154.42. It has just now fallen to 154.01.
The fate of the USD/JPY is very much linked to the price action in the oil markets again today, but later this afternoon it will have the US August CPI report to contend with and that might add a new dimension to the price action, especially if that data underscores the prospect that the Fed might have no choice but to act on interest rates next week. There will be more to add on that later this morning. The USD/JPY is right now at 154.05
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