The USD/JPY pair is currently at 149.60 due to increased demand for the US Dollar and higher US treasury yields. Market focus is on the upcoming US Retail Sales data, expected to rise by 0.3% in September. However, dovish comments from Federal Reserve officials, like Austan Goolsbee and Patrick Harker, have restrained the pair's upside potential.
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The Asia-Pacific markets displayed mixed performance as investors evaluated China's industrial data and Australia's August inflation figures, which were set to be released on Wednesday. In Australia, the weighted inflation rate for August registered a 5.2% year-on-year increase, aligning with economists' expectations polled by Reuters, while the headline inflation stood at 5.5%.
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The EUR/USD pair faced difficulty gaining momentum as the new week began, hovering around the mid-1.0600s in the early European session. This stagnant movement follows the pair's recent decline, reaching its lowest point since March last Friday. The strength of the US Dollar (USD) plays a significant role in this scenario, boosted by the Federal Reserve's hawkish stance.
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Overnight in the Asia-Pacific markets, investors were keeping an eye on upcoming inflation data from various countries. Singapore and Australia are set to release August inflation figures this week, while Japan will unveil inflation data for the Tokyo region, often viewed as a nationwide indicator.
Read MoreAccording to the report from the Labor Department on Wednesday, the US consumer price index, which measures the cost of a wide range of goods and services, experienced a monthly increase of 0.4%, aligning with the estimate from Dow Jones. However, on an annual basis, the increase amounted to 4.9%, slightly below the estimated 5%.
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The pair lost value after PMI data from Germany. It recovered some of losses after CPI data.
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