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USD/JPY near session highs as US PCE data awaits
As already mentioned a couple of times today, at 1.30pm GMT we will get the US December PCE report. To repeat- that is expected to show core annualised PCE inflation running at 2.8%. Anything outside of that reading is likely to cause a reaction across all the markets. Certainly anything above 3% and the dollar might fly and stocks might not react too well. Conversely anything close to 2.5% and the opposite will probably happen. So, with that in mind we turn to the usual FX suspect on such important numbers. That is the USD/JPY, but as noted, on this occasion the EUR/USD is very much in the firing line too. So, far this morning the dollar has been on the front foot. The USD/JPY is not far off session highs just now, currently trading at 154.85
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