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USD/JPY gained 0.20% on the day, rising above 149.00. The US PPI from September accelerated, beating expectations. The trajectory of the pair is determined by the dovish stance of the Bank of Japan (BoJ).
Later in the session, markets will monitor the Federal Open Market Committee (FOMC) minutes from the September meeting to look for clues on forward guidance. The September PPI from the US rose to 2.2% YoY, higher than expected and the previous 2%.
On Thursday, the US will report the Consumer Price Index (CPI), with the headline and core measure expected to decelerate. Each inflation data point is crucial for the Federal Reserve (Fed) and could generate volatility in bond markets and USD price dynamics.
Investors will look for additional clues on the last decision of the Fed delivering a hawkish pause. Interest rate projections indicate a high chance of an additional hike this year. Chair Powell stated that the bank will remain data-dependent and ready to hike again if needed.
