ForexLive Asia-Pacific FX news wrap: Awaiting the US CPI data, USD/JPY fell on Ueda

• More from Bank of Japan Governor Ueda – lots of positive talk about wage hikes
• European Central Bank speeches today from de Guindos, Villeroy, Vujcic
• Nasdaq Futures Analysis for Today
• BoJ Gov Ueda says will raise rates if improvement in economy & price conditions continues
• S&P 500 Futures Analysis for Today
• TikTok making plans to disable its app for U.S. users on Sunday
• Federal Reserve speakers coming up Wednesday, January 15, 2025
• ECB’s Lane says it takes time for monetary easing to have an impact
• Standard Chartered warns of a drop to around $80K for Bitcoin if support breaks
• US December CPI data due Wednesday, ranges of estimates (& why they’re crucial to know)
• Bank of England speakers coming up – Taylor on inflation and economic outlook
• South Korean impeached President Yoon has been arrested
• Goldman Sachs headline and core US December CPI forecasts
• PBoC injects 959bn yuan in open market operations (offsetting maturing MLF)
• PBOC sets USD/ CNY reference rate for today at 7.1883 (vs. estimate at 7.3240)
• Citi expect the Reserve Bank of Australia on hold in February, first hike in May
• UBS forecasts EUR/USD to 1 by March, but then recovering to 1.06
• Goldman Sachs’ three reasons to expect GBP stabilisation and recovery
• Barclays forecasting the Bank of Japan to remain on hold in January, rate hike in March
• Nvidia’s secret weapon likely to propel the stock in 2025
• Reuters Tankan: Manufacturers sentiment index +2 in January (prior was -1)
• South Korea December unemployment rate surges to 3.7% (from 2.7% in November)
• Former Japan MoF official says Trump and Japan can work together to send USD/JPY lower
• Trump is preparing executive orders aimed at boosting American fossil fuels
• Why the lower PPI result means higher US inflation
• Forexlive Americas FX news wrap 14 Jan: PPI final demand lower than expectations.CPI next.
• Oil – private survey of inventory shows a headline crude oil draw greater than expected
• Trade ideas thread – Wednesday, 15 January, insightful charts, technical analysis, ideas

Major
FX traded in subdued ranges (yen strengthened, more on this below) during the session here as traders
awaited the US December CPI data due at 8.30 am US Eastern time
today.

News
and data flow were limited with only South Korea notable:

• South
  Korea’s unemployment rate rose to the highest level in more than
  three years
• South
  Korea’s impeached President Yoon has been arrested

More
on these in the points above.

We
did have European Central Bank Chief Economist Lane speaking in Hong
Kong. He expects inflation in the eurozone to decline further, with
lower interest rates ahead also.

I
posted this earlier in the week

– a guide to expectations for the
US CPI data. Check out the ‘range’ post above for the
distribution of forecasts.

Bank
of Japan Governor Ueda said that if improvement in economy and price
conditions continues the Bank will raise rates. USD/JPY dipped on his comments at a Bank Branch managers meeting.

This article was written by Eamonn Sheridan at www.forexlive.com.