Daily Market Notes
Tokyo Hands London 46 Pips and a CPI Beat That Was All Diesel
Six hours of Tokyo produced forty-six pips in USD/JPY and thirteen in EUR/USD. UK CPI beat to 3.1% and every basis point of it was motor fuel — core held at 2.6%, so the print tells you not to trade it. The only order book we can read is EUR/JPY: stops at 179.50, sells and stops together at 180.00, and nothing real bid until 177.70. No expiry ladder for today at 06:26, the fifth time we have counted. With the Fed under twelve hours out, London is a sizing question, not a direction one.