The USD weakened across the board yesterday following a notable miss in the US initial claims data as that added some more pressure on the USD with the market weighing the possibility that the labour market could weaken fast enough in the next months to justify more rate cuts than expected. Overall though, the price action has been rangebound this week as the lack of key catalysts and the waiting for the US CPI report kept the market at bay.The JPY, on the other hand, doesn’t have much fundamental support as the BoJ might not be able to lift interest rates again given the easing inflation rates, although there might be some short-term support from hawkish messages around the reduction of the
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