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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY (London) - Markets are struggling to find direction ahead of today’s US CPI, retail sales and FOMC minutes release.

The yen is one of the few clear-cut moves, continuing to benefit from gains on comments from Tokyo this morning.

Takatoshi Ito, chairman of the advisory group to the JPY121 trillion-yen Japanese Government Pension Investment Fund, said that proposed changes could take months or years to complete.

The prospect of pension reform had weighed on the yen thank to proposals to diversify investments out of domestic, yen-denominated bonds and into overseas investments.

The Yen has outperformed against the majority of its G-10 bloc peers, climbing 0.3 percent to JPY135.1915 against the dollar and 0.23 percent against the dollar to JPY99.9450.

The euro has declined slightly to USD1.3518, down 0.12 percent on choppy trading.

The euro jumped against sterling on the release of the Bank of England minutes, but the knee-jerk reaction was quickly undone given the minutes simply repeated much of what was said in last week’s inflation report.

Equities remain down with little direction with commodities also under mild pressure.
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