During Asian deals on Wednesday, the Japanese yen edged higher against its major counterparts.
Against the US dollar, the Japanese yen edged higher during early deals on Wednesday. At 11:50 pm ET, the yen reached a high of 89.43 against the dollar, compared to 89.62 hit late New York Tuesday. The next upside target level for the yen is seen around 88.2. The pair is currently trading at 89.53.
The Japanese unit that closed Tuesday's North American session at 130.29 against the European currency climbed to 129.97 during today's early Asian deals. Thereafter, the yen reversed its direction and slipped to 130.42 before bouncing back again at 9:30 pm ET. The yen thus rose to 129.98 at 12:25 am ET with 129.1 seen as the next target level. As of now, the yen is trading at 130.12 per euro.
Against the British pound, the Japanese currency traded higher during Wednesday's early trading. At 12:15 am ET, the yen climbed to 145.29 against the pound, compared to Tuesday's closing value of 145.79. If the yen gains further, 142.9 is seen as the next target level. The Japanese yen has dropped slightly thereafter and is now worth 145.43.
The yen that closed Tuesday's New York deals at 86.17 against the Swiss franc hit a high of 85.91 at 12:25 am ET Wednesday. On the upside, 85.4 is seen as the next target level for the yen. The franc-yen pair is currently quoted at 85.99.
In the European session today, the Italian CPI, trade balance and current account, UK claimant count and ILO unemployment rate and the Euro-Zone CPI reports are due for release.
From the U.S., consumer price index for October is scheduled to be released at 8:30 am ET. The consensus estimates call for a 0.3% increase in the headline consumer price index, while the core consumer price index that excludes food and energy is expected to have remained unchanged.
A report on housing starts, is also slated to be released at 8:30 am ET. Economists estimate housing starts of 578,000 for November.
Investors will be keeping close tab over the U.S. Federal Reserve announcement regarding its near-term direction of monetary policy at 2:15 pm ET today following the end of its 2-day monetary policy committee meeting. Fed is likely to keep rates unchanged near zero, but attention will be on the tone of statement.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.