Forex News
- US Dollar Index rises after robust April Retail Sales grew 0.5% month-over-month, beating expectations.
- Stephen Miran's resignation from the Fed Board clears the path for Kevin Warsh to become Federal Reserve Chair.
- Trump aims for "better than ever" China ties as President Xi offers to help de-escalate the Iran conflict.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground for the fifth consecutive day and trading around 99.10 during the Asian hours on Friday.
The US Dollar (USD) trends higher against its major peers following the release of robust US Retail Sales data, which grew by 0.5% month-over-month in April. This performance underscores the resilience of American consumer spending even in the face of elevated borrowing costs.
Additionally, the Greenback finds support in shifts within the Federal Reserve (Fed) leadership; the resignation of Stephen Miran from the Board of Governors has paved the way for Kevin Warsh to take over as Fed Chair.
These domestic factors, combined with surging inflation linked to ongoing Middle East tensions, have reinforced market expectations that the Federal Reserve will maintain high interest rates for an extended period or perhaps even implement further hikes.
US President Donald Trump expressed optimism on Thursday, stating his hope for a bilateral relationship with China that is "stronger and better than ever before," while also noting that President Xi offered assistance in de-escalating the Iran conflict. This shift toward diplomacy has provided a boost to risk appetite, which traditionally acts as a headwind for the US Dollar’s safe-haven dominance.
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
- USD/CAD rises as oil prices dip after 30 vessels safely cleared the Strait of Hormuz, easing supply fears.
- US Dollar rises after robust April Retail Sales grew 0.5% month-over-month, beating expectations.
- Stephen Miran's resignation from the Fed Board clears the path for Kevin Warsh to become Federal Reserve Chair.
USD/CAD extends its winning streak for the eighth straight day, trading around 1.3740 during the Asian hours on Friday. The Canadian Dollar (CAD) continues to struggle due to its heavy reliance on the energy sector. As Canada’s primary export to the United States (US), crude oil prices heavily dictate the CAD's trajectory. Prices saw a slight dip after Iranian state media reported that 30 vessels had successfully navigated the Strait of Hormuz, easing some immediate supply concerns.
However, the Canadian Dollar remains vulnerable as market anxiety stays elevated; the recent history of ship seizures and attacks in the region ensures that the "risk premium" on oil remains volatile, keeping the commodity-linked currency on the defensive.
The US Dollar (USD) trends higher against its major peers following the release of robust US Retail Sales data, which grew by 0.5% month-over-month in April. This performance underscores the resilience of American consumer spending even in the face of elevated borrowing costs.
The Greenback found further support in shifts within the Federal Reserve (Fed) leadership; the resignation of Stephen Miran from the Board of Governors has paved the way for Kevin Warsh to take over as Fed Chair.
These domestic factors, combined with surging inflation linked to ongoing Middle East tensions, have reinforced market expectations that the Federal Reserve will maintain high interest rates for an extended period or perhaps even implement further hikes.
Despite the broad strength of the USD, risk-sensitive pairs like USD/CAD are facing downward risks due to improving geopolitical relations in Asia. Positive developments from the meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing have buoyed market sentiment.
President Trump expressed optimism on Thursday, stating his hope for a bilateral relationship that is "stronger and better than ever before," while also noting that President Xi offered assistance in de-escalating the Iran conflict. This shift toward diplomacy has provided a boost to risk appetite, which traditionally acts as a headwind for the US Dollar’s safe-haven dominance.
Canadian Dollar FAQs
The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.
The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.
The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.
While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar.
Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.
- Silver extends this week’s retracement slide from an over one-month high.
- An intraday break below the 38.2% Fibo. backs the case for further losses.
- The broader technical setup still seems tilted in favor of bearish traders.
Silver (XAG/USD) attracts some follow-through selling for the second consecutive day on Friday and retreats further from over a one-month high, around the $89.35-$89.40 region, touched earlier this week. The white metal weakens below mid-$81.00s during the Asian session and remains well within striking distance of the weekly trough.
From a technical perspective, an intraday breakdown below the 38.2% Fibonacci retracement level of the recent upswing from sub-$71.00 levels favors the XAG/USD bears amid cooling momentum indicators. In fact, the Relative Strength Index (RSI) is drifting toward the neutral 40 area, and the Moving Average Convergence Divergence (MACD) is turning more negative, hinting that bullish pressure is fading in the near term.
The XAG/USD, however, holds above the 50% retracement and the 100-period Simple Moving Average (SMA), which together suggest that the broader uptrend remains intact despite the recent pullback. Hence, any subsequent fall is likely to find support at $80.11 (50% level), ahead of a structural band formed by the 61.8% retracement at $77.95 and the 100-period SMA at $77.83, which, if broken, should pave the way for deeper losses.
On the topside, initial resistance is located at the 38.2% Fibo. retracement at $82.27, followed by the 23.6% level at $84.94, while a break there would expose the cycle high at $89.26.
(The technical analysis of this story was written with the help of an AI tool.)
XAG/USD 4-hour chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
US President Donald Trump said on Thursday that China’s leader Xi Jinping likely has power to sway Iran, adding that he’s not going to be much more patient on the Iran, Reuters reported on Friday.
Earlier Thursday, Trump stated that China’s leader Xi Jinping had offered to help negotiate an end to the war with Iran and keep the Strait of Hormuz open to global shipping.
Key quotes
China wants to buy oil from US.
Going to start sending Chinese ships to Texas, Louisiana, and Alaska.
Iran leaders we are dealing with are reasonable.
Not going to be much more patient on the Iran.
China will open country in stages.
Raised visa company with China in talks.
Xi probably has ability to influence Iran.
Iran's enriched uranium can be entombed but I'd rather get it.
Getting Iran's enriched uranium is more for public relations than anything else.
US-China Trade War FAQs
Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living.
An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies.
The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.
- AUD/USD weakens to around 0.7205 in Friday’s early Asian session.
- Traders will closely monitor Trump's second and final day of talks with Chinese President Xi Jinping in Beijing.
- Hotter-than-expected inflation reports have prompted markets to price out rate cuts later this year.
The AUD/USD pair attracts some sellers to near 0.7205 during the early Asian trading hours on Friday. Markets remain cautious ahead of the second day meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing on Friday.
Trump said on Friday that China’s leader Xi likely has power to sway Iran, adding that he’s not going to be much more patient on Iran, per Reuters.
Earlier Thursday, Trump stated that China’s leader Xi Jinping had offered to help negotiate an end to the war with Iran and keep the Strait of Hormuz open to global shipping. However, US President said he hoped the relationship between the US and China would be "stronger and better than ever before.”
The focus is on Taiwan, as Xi warned the US President that mishandling China's claims on Taiwan could cause "clashes and even conflicts" as the disputed island has been a major point of discussion amid the talks. Any signs of tensions between the US and China could undermine the China-proxy Aussie, as China is a major trading partner for Australia.
Recent accelerating US inflation data have reinforced expectations that the US Federal Reserve (Fed) will maintain high interest rates for an extended period, supporting the US Dollar (USD). Markets are now pricing in nearly a 32.9% probability that the Fed will raise the interest rate by at least 25 basis points (bps) at the December meeting, up from 22.5% a week ago, according to the CME FedWatch tool.
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
Japan’s Finance Minister Satsuki Katayama said that she will attend the G7 meeting in France from May 17, Reuters reported on Friday. Katayama further stated that Japan will take a flexible approach to protecting household livelihoods as energy import costs continue to climb in the wake of Middle East supply disruptions.
Key quotes
Plans to visit France from May 17 for G7 finance ministers meeting.
Will monitor impact of energy import costs on electricity for now.
Has 1 trillion yen in reserve for fiscal 2026 budget, no urgent need for additional budget.
Will act flexibly to safeguard people's livelihood.
Bond yields are increasing worldwide, including UK and US, G7 talks likely to address issue.
Market reaction
As of writing, the USD/JPY pair is up 0.07% on the day at 158.48.
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8415 compared to the previous day's fix of 6.8401 and 6.7976 Reuters estimate.
PBOC FAQs
The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
- WTI dips slightly after Iranian media reported 30 vessels successfully navigated the Strait of Hormuz.
- WTI crude is set to rise over 6% weekly as stalled US-Iran diplomacy keeps the Strait of Hormuz effectively closed.
- The White House said President Xi may buy more US oil to reduce China's reliance on the Strait.
West Texas Intermediate (WTI) oil price remains in the negative territory after posting modest gains in the previous day, trading around $97.60 per barrel during the Asian hours on Friday. However, WTI crude is on track to rise more than 6% this week as stalled diplomatic efforts to end the United States (US)-Iran conflict leave the strategically vital Strait of Hormuz effectively closed.
Although prices dipped slightly following reports from Iranian state media that 30 vessels had successfully navigated the Hormuz, market anxiety remains high due to recent ship seizures and attacks.
The ongoing "dual blockade" of this key shipping route has become a primary sticking point in negotiations. US President Donald Trump recently characterized the current ceasefire as being on “massive life support” after dismissing Tehran’s latest response to his peace proposal.
Amid the tension, a potential shift in energy trade emerged following a two-hour summit in Beijing between Presidents Trump and Xi Jinping. The White House reported that President Xi expressed interest in purchasing more American oil to diversify China's energy sources and reduce its reliance on the volatile Strait of Hormuz.
However, the supply outlook remains grim. The IEA reported that crude and fuel flows through the Strait plunged by approximately 4 million barrels per day during March and April. The agency warned that even if the conflict is resolved by next month, the global oil market could remain significantly undersupplied through October.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- USD/JPY trades with a positive bias for the fifth straight day amid a sustained USD buying interest.
- The incoming US macro data lifts bets for a rate hike by the Fed in 2026 and underpins the buck.
- Geopolitical uncertainties and the US-China optimism also benefit the USD and support the pair.
The USD/JPY pair touches a two-week high during the Asian session on Friday and looks to extend the weekly uptrend amid a broadly firmer US Dollar (USD). Spot prices remain on track to register strong weekly gains and currently trade just below the 158.50 level, up slightly for the fifth consecutive day.
Traders ramped up their bets for an interest rate hike by the US Federal Reserve (Fed) in 2026 following the release of hotter-than-expected US inflation figures earlier this week. Adding to this, US Retail Sales expanded for the third straight month in April, reflecting a robust consumer spending and reaffirming hawkish Fed expectations. This, along with persistent geopolitical uncertainties, lifts the USD to a fresh monthly peak and acts as a tailwind for the USD/JPY pair.
Peace talks between the US and Iran remain in limbo amid broader disagreements over Tehran's nuclear program and the Strait of Hormuz. Moreover, US-China relations have stabilized following a high-level summit between President Donald Trump and President Xi Jinping. The International Monetary Fund (IMF) formally welcomed the constructive dialogue, noting that lowering trade tensions and reducing economic uncertainty are highly beneficial for global financial stability.
Meanwhile, data released earlier today showed that Japan's wholesale inflation—Producer Price Index (PPI) —surged 4.9% year-over-year in April amid rising oil and import costs due to the ongoing conflict in the Middle East. This adds to worries about economic risks stemming from the Iran tensions and weighs on the Japanese Yen (JPY), further lending support to the USD/JPY pair. However, speculations that authorities will step in to prop up the JPY cap the upside for the currency pair.
Economic Indicator
Producer Price Index (YoY)
The Producer Price Index released by the Bank of Japan is a measure of prices for goods purchased by domestic corporates in Japan. The PPI is correlated with the CPI (Consumer Price Index) and is a way to measure changes in manufacturing cost and inflation in Japan. A high reading is seen as anticipatory of a rate hike and is positive (or bullish) for the JPY, while a low reading is seen as negative (or Bearish).
Read more.Last release: Thu May 14, 2026 23:50
Frequency: Monthly
Actual: 4.9%
Consensus: 3%
Previous: 2.6%
Source: Statistics Bureau of Japan
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