Themes

· General mood is “risk off”

· Japanese PPI higher than expected at 9.3% from 8.6% talk

· Eyes on U.S. CPI numbers tonight

What’s Moving

Very quiet session in Asia today, with the market consolidating wild swings from overnight trade today. Most players are again sidelined amid a lack of fresh news from the Ukraine, with players awaiting the outcome from ongoing joint talks between the Ukraine and Russia.

The USD/JPY did catch a small bid today, although players note that this was order flow.

Data tonight includes:

· U.S. Headline CPI (E: +0.8%)

· U.S. Core CPI (E: +0.5%)

· U.S. Initial Claims (E: 220k)