US economic data leads to slight increase in Treasury yields; USD/JPY reacts accordingly

Today, the market is experiencing a shift in focus from inflation to growth. Yesterday, CPI numbers were softer and retail sales declined, which may have been the tipping point. Despite weak economic data, including higher than expected initial jobless claims but still at historically low levels, housing starts and the Philly Fed missing estimates, and import/export prices coming in higher than anticipated, the Fed rate cut pricing moved down slightly. Treasury yields rose on the day, with US 2-year yields up 3.0 basis points.

The US dollar/Japanese yen pair has closely followed these market movements. The pair was up 31 pips to a session high of 155.21. While it may be challenging to directly attribute these market movements to economic data alone, it seems that position squaring and a market breather may be at play. S&P 500 futures are currently trading flat, indicating uncertainty in the market.

By Sophia Gonzalez

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