Overnight Japanese inflation data came in line with expectations at 2.5% Y/Y. USD/JPY remained in the 134.80 region as we enter the final trading day of the week.
German IFO business climate data came in slightly worse than expected at 92.3 versus the expectation of 92.9. EUR/USD remains hovering in the 105.40 range. Short term charts are showing a wedge formation appearing for the pair which means a breakout (likely to the upside) is imminent.
Bitcoin rallies continue to be contained which is not an encouraging sign heading into the weekend. BTC/USD is currently trading at $21,000 and looking fairly heavy.
At 10:00 AM EST, University of Michigan Consumer Confidence data will be released with an expectation for a figure of 50.2 which would be a steep drop from the previous month’s figure of 58.4.