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Forex: USD/JPY steady after US CPI

By FXstreet.com,  January 16, 2013, 09:03:00 AM EDT

FXstreet.com (Córdoba) - The dollar remained virtually unchanged against the yen after data showed US consumer prices held steady in December, matching economists' forecast. CPI figures pointed to muted inflation pressures, giving the Federal Reserve room to keep its expansionary policy.

Having retreated from the 89.60 area this week after a Japanese minister warned against excessive yen weakness, USD/JPY bottomed at 87.78 during the European session and entered in a consolidation phase in a narrow range. At time of writing, the pair is quoting around 88.10, still down 0.7% on the day and not far from 88.18, where it was trading before the release of the data.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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