DB Investing

Tag: ForexNews

  • Proud to Announce: DB Investing Listed on TraderGuide

    Proud to Announce: DB Investing Listed on TraderGuide

    ✨ Exciting News from DB Investing!

    We are proud to announce that DB Investing is now officially listed on TraderGuide, the trusted platform founded by legendary trader Tom Hougaard.

    About TraderGuide
    TraderGuide is a leading platform providing reliable reviews, comparisons, and expert insights for traders worldwide. It empowers traders to make informed decisions by connecting them with trustworthy brokers and services.

    What’s Next
    The platform is currently in testing mode and will soon launch with a powerful online advertising campaign, giving DB Investing greater visibility and helping us reach a wider global audience.

    A heartfelt thank you to Mohamed Daher for the guidance and vision that made this milestone possible, and to Mary Das Sebastian for the continuous support. 🙏

    Best regards,
    The DB Investing Team

  • Breaking News: US Retail Sales Rebound Defies Tariff Fears

    Breaking News: US Retail Sales Rebound Defies Tariff Fears

    Stronger Spending Signals Consumer Resilience Despite Inflation

    US Retail Sales Surge in June
    Retail sales in the US rebounded significantly in June, suggesting that the tariffs imposed by President Donald Trump have not yet had a major impact on consumer spending habits.

    • Overall retail sales rose by 0.7%, far exceeding economists’ forecasts of a 0.6% increase.
    • This rebound comes after a 0.9% decline in May, based on revised US Census Bureau data.

    Philadelphia Fed Business Outlook
    Meanwhile, the Philadelphia Federal Reserve’s Industrial Business Outlook survey showed a notable recovery in sector activity, with the index climbing to 15.9 points in July, compared to -4.0 in June, well above expectations of -1.2.

    Core Sales — A Boost to GDP Growth
    Core retail sales — which exclude volatile items and are key to calculating GDP growth — rose 0.5%, ahead of the expected 0.3%, and up from 0.2% in May.

    Excluding Autos & Fuel
    June sales excluding autos and fuel increased by 0.6%, doubling analyst forecasts of 0.3%. In May, this category showed no growth.

    Sector Highlights:

    • General merchandise stores: +1.8%
    • Auto dealers and parts: +1.2%

    Despite the robust sales data, investors still expect the Federal Reserve to proceed with potential interest rate cuts, even after this week’s data showed persistently high inflation.

    Conclusion:

    June’s retail sales rebound highlights strong consumer confidence, despite inflation and tariff concerns. While the Fed faces complex signals between resilient consumption and sticky inflation, traders should monitor upcoming monetary policy decisions closely.

  • UK Unemployment Rises & Global Market Turmoil

    UK Unemployment Rises & Global Market Turmoil

    Labor, Gold, and USD Under Pressure

    UK Labour Market Weakness & Interest Rate Outlook

    The UK unemployment rate rose more than expected in May, according to Thursday’s data, while wage growth slowed slightly — providing the Bank of England (BoE) room to cut interest rates again next month.

    The unemployment rate climbed to 4.7% in the three months to May, up from 4.6% previously, surpassing expectations. This is the highest level since June 2021.

    Wage growth across the economy, excluding bonuses, slowed to an annual rate of 5.0%, down from the revised 5.3% in the previous period.

    This weakness in the labor market, combined with slower wage growth, is likely to encourage BoE policymakers to lower rates again in August, following four quarter-point cuts since last year.

    UK inflation has steadily climbed, reaching 3.6% in June, the highest in over a year, though the BoE anticipates inflation to return to target by Q1 2027.

    Meanwhile, GDP data showed an unexpected contraction in May, hinting at broader economic sluggishness.

    Gold Prices & Metals Amid Global Uncertainty

    Gold prices dipped in Asian trading on Thursday, with some improvement in risk sentiment after US President Donald Trump downplayed the likelihood of firing Fed Chair Jerome Powell.

    Broader metals also remained flat due to the strong US Dollar, which stabilized near a three-week high after the recent inflation data.

    Despite this, demand for gold as a safe haven remains strong, especially amid the tariff uncertainties imposed by Trump, which are set to take effect in two weeks.

    Platinum and silver largely outperformed gold.

    Trump, the Fed, and the Resilient Dollar

    Trump stated on Wednesday that it is “highly unlikely” he would dismiss Fed Chair Powell, though it remains possible if fraud is found in the Fed’s ongoing renovation project.

    Concerns about Powell’s job security grew after Trump intensified his criticism of the Fed, with some Republicans echoing calls for Powell’s removal.

    Trump accused Powell of being too slow in cutting US rates and demanded immediate action to prevent economic damage. However, Powell and several Fed policymakers indicated that rates would remain unchanged until the inflationary impact of Trump’s tariffs becomes clearer.

    This moderation by Trump helped marginally improve market sentiment, reducing short-term demand for gold and boosting US stocks.

    The Fed is widely expected to hold rates steady this month, especially after recent inflation data showed sustained price pressures in June.

    The Dollar remains strong, supported by expectations for retail sales and jobless claims data to provide further economic insights.

    Conclusion:

    The global economic landscape remains fragile — with the UK labor market weakening, gold markets swaying with political signals, and the Dollar showing strength. Traders should stay vigilant and adaptive with informed strategies.

  • Global Market Shifts: Gold Drops, Currencies Slip, Oil Supply Rises

    Global Market Shifts: Gold Drops, Currencies Slip, Oil Supply Rises

    Key Drivers: Trade Talks, Interest Rates, and OPEC Decisions

    Gold and Safe-Haven Assets Decline

    • Global gold prices fell on Monday as U.S. President Donald Trump signaled progress on several trade agreements.
    • Trump extended tariff exemptions for multiple countries, reducing gold’s appeal as a safe haven.
    • Trump confirmed on Sunday that higher tariffs may be imposed starting August 1, after previously delaying their implementation.

    Currency Market Reactions and Interest Rate Outlook

    • European stocks showed mixed performance amid uncertainty around the trade deadlines.
    • Fears of inflation from tariffs lowered expectations for aggressive U.S. Federal Reserve rate cuts.
    • The U.S. dollar index declined by 0.2% in Asian trading, with futures down 0.1%.
    • The Australian dollar fell for the third consecutive session, with markets widely expecting a rate cut by the Reserve Bank of Australia on Tuesday.

    Oil Market Developments and OPEC+ Decisions

    • Oil prices dropped sharply on Monday after OPEC+ announced a larger-than-expected production increase of 548,000 barrels per day for August.
    • This increase surpasses the May-July monthly additions of 411,000 barrels per day.
    • OPEC+ warned of a potential further increase in September, signaling a continued easing of the voluntary production cuts.
    • The decision pressures oil prices amid growing supply concerns.

    Conclusion:

    Global markets are currently driven by shifting trade policies, uncertain monetary strategies, and aggressive oil production increases. Investors are advised to stay alert to upcoming key dates and policy changes that could reshape market trends in the coming weeks.

  • Gold Holds Steady as Focus Shifts to US Jobs Data

    Gold Holds Steady as Focus Shifts to US Jobs Data

    Gold Steady Amid Investor Focus on Labor Data and Fed Policy

    Gold prices stabilized on Wednesday as investors awaited the release of US employment data, while assessing Federal Reserve Chair Jerome Powell’s cautious stance on interest rate cuts. The weaker dollar supported the dollar-priced gold.

    Powell reaffirmed that the Federal Reserve plans to “wait and learn more” about the impact of tariffs on inflation before deciding on rate cuts, once again ignoring President Donald Trump’s repeated calls for a quick and significant rate reduction.

    Recent data showed that US job openings unexpectedly rose in May, while hiring slowed, indicating a cooling labor market amid the uncertainty caused by Trump’s imposed tariffs.

    Investors now shift their attention to the upcoming private sector employment data later today, along with non-farm payroll figures and jobless claims on Thursday, to gather further insights into the health of the US labor market.

    Political Scene:

    Republicans in the US Senate narrowly passed President Trump’s tax and spending bill on Tuesday. The law includes tax cuts, reductions in social safety net programs, and increased military spending, adding $3.3 trillion to the US national debt.

    Trump also expressed optimism about reaching a trade deal with India but remained skeptical about a similar agreement with Japan, stating he is not considering extending the July 9 deadline for countries to finalize trade deals.

    Currency Movements:

    The Japanese yen weakened in Asian markets on Wednesday against major and minor currencies, pulling back from a four-week high versus the US dollar. This decline came as a result of profit-taking.

    The US dollar held above its three-year low, supported by the recent rise in US job openings in May, while investors await further key labor market data.

    Expectations for a rate hike by the Bank of Japan in July decreased following the central bank’s recent meeting. Markets are awaiting more data on inflation, wages, and unemployment in Japan.

    Currently, the probability of a 25-basis-point rate hike by the Bank of Japan in July remains below 40%. Investors are awaiting further economic data to reassess those odds.

    European Market:

    The euro fell in European markets on Wednesday against a basket of global currencies, pulling back from a four-year high against the US dollar, as profit-taking and market corrections took place.

    The US dollar held steady above its three-year low, supported by the unexpected rise in job openings.

    European inflation data released this week raised doubts about the European Central Bank’s ability to cut rates in July. Markets are closely monitoring ECB President Christine Lagarde’s speech later today at the Central Banks Forum in Sintra, Portugal.

    Currently, the market is pricing a 30% probability of a 25-basis-point rate cut by the ECB in July.

    US stock futures showed little change Tuesday evening after Wall Street closed mixed, with tech stocks leading losses. Trump’s tax bill was narrowly passed in the Senate.

    This cautious market movement reflects investor hesitancy ahead of Trump’s July 9 tariff deadline, which could trigger renewed trade escalations.

    Meanwhile, investors evaluated Powell’s new comments regarding interest rates, amid his growing public disagreement with Trump over the Fed’s resistance to a rapid rate cut.

    Conclusion:

    Investors remain highly focused on upcoming US labor data and global inflation figures, which are set to shape central bank policies and market direction in the coming weeks.

  • Gold Rises Amid Dollar Weakness and Tariff Uncertainty

    Gold Rises Amid Dollar Weakness and Tariff Uncertainty

    Markets React to Trump’s Pressure on the Fed and Ongoing Trade Talks

    Gold prices recorded a significant rise during Tuesday’s trading session, supported by the weakening U.S. dollar and growing uncertainty surrounding President Donald Trump’s tariff policies as the July 9th deadline approaches. This uncertainty drove investors towards safe-haven assets.

    The U.S. Dollar Index fell to its lowest level in more than three years, making dollar-priced gold more attractive to investors holding other currencies.

    On Monday, Trump expressed his frustration with the pace of trade negotiations with Japan, while U.S. Treasury Secretary Scott Besant warned that some countries might face steep tariff increases.

    It is noteworthy that the announced tariffs, ranging from 10% to 50%, which were introduced on April 2, are set to take effect on July 9 after a 90-day postponement, unless bilateral trade agreements are reached.

    At the same time, Trump continued to pressure the Federal Reserve on Monday to ease monetary policy. He sent Fed Chair Jerome Powell a list of global central bank interest rates, with handwritten notes suggesting that “U.S. interest rates should be between 0.5% as in Japan and 1.75% as in Denmark.”

    Meanwhile, investors are closely watching a series of U.S. labor market reports this week, shortened due to holidays, culminating in Thursday’s release of official employment data, expected to offer clearer signals on the Fed’s policy direction.

    In Europe, the euro rose on Tuesday against a basket of global currencies, extending gains for the ninth consecutive day against the U.S. dollar, trading above the $1.17 mark for the first time since 2021. This came amid strong demand for the euro as the best alternative investment to the weakening dollar.

    These movements were fueled by renewed concerns over the Federal Reserve’s independence and monetary stability in the U.S. following another attack by President Trump on Jerome Powell.

    Expectations for a European Central Bank (ECB) rate cut in July have recently declined. Investors are now awaiting key Eurozone inflation data for June, which will help reassess those expectations.

    ECB President Christine Lagarde stated that with the recent cut and the current interest rate levels, “we are likely nearing the end of the easing cycle.”

    According to Reuters sources, a clear majority in the ECB’s latest meeting preferred keeping interest rates unchanged in July, with some advocating for an extended pause.

    Money markets have scaled back their expectations of an ECB rate cut, now pricing in only a 25-basis-point cut by year-end, down from 30 basis points previously.

    If today’s Eurozone inflation data comes in hotter than expected, the likelihood of rate cuts in the second half of the year may diminish, supporting the euro’s continued rise in the foreign exchange market.

    Meanwhile, oil prices dropped to a three-week low on Tuesday, reaching levels not seen since before the recent Israel-Iran tensions. The decline was driven by easing supply concerns and expectations of increased OPEC+ production.

    Focus now turns to OPEC+’s upcoming meeting later this week, where the group is expected to continue unwinding two years of production cuts.

    Reuters reported last week that OPEC+ will increase production by 411,000 barrels per day in August, following similar hikes in May, June, and July.

    This will bring OPEC+’s total supply increase for the year to 1.78 million barrels per day, although this remains below the total cuts implemented over the past two years.

    The August production hike is likely to signal further increases from OPEC+, partially aimed at countering prolonged weakness in oil prices.

    Additionally, major OPEC+ producers like Saudi Arabia and Russia are seeking to penalize overproducing members within the cartel by maintaining lower oil prices.

    Conclusion:

    The global markets are currently navigating a complex landscape shaped by U.S. tariff policies, central bank pressures, European inflation dynamics, and OPEC+ production decisions. Investors should remain vigilant, as upcoming economic reports and policy shifts could reshape market trajectories in the coming weeks.

  • Gold Recovers Slightly Amid Israel-Iran Ceasefire Uncertainty

    Gold Recovers Slightly Amid Israel-Iran Ceasefire Uncertainty

    Gold prices edged higher in Asian trading on Wednesday, recovering slightly after sharp losses in the previous session. The weak U.S. dollar provided some support, although the ceasefire between Israel and Iran reduced safe-haven demand. 

    Late Monday, President Trump announced a multi-stage ceasefire between Israel and Iran, urging both parties to strictly adhere to the agreement. 

    Despite the ceasefire announcement, concerns remain about the longevity of the truce. Just hours after the deal was made public, Trump took to social media, accusing both sides of violating their commitments. 

    Gold, traditionally seen as a hedge against geopolitical risks and uncertainty, came under pressure as the ceasefire held, but it remained supported by the weaker dollar and ongoing doubts about the ceasefire’s sustainability. 

    Media reports on Tuesday indicated that recent U.S. strikes failed to destroy Iran’s nuclear program, merely delaying its progress by a few months. 

    The U.S. dollar index fell by 0.1% during Asian trading, hovering near its lowest level in a week. 

    Federal Reserve Chair Jerome Powell stated in his congressional testimony that multiple paths remain open for monetary policy, and the central bank needs more time to assess whether rising tariffs will lead to higher inflation. 

    Most Asian currencies, along with the dollar, traded in tight ranges on Wednesday as traders watched closely to see whether the fragile U.S.-brokered ceasefire between Israel and Iran would hold. 

    The Australian dollar also moved within a narrow range, despite weaker-than-expected consumer inflation data that reinforced expectations of further interest rate cuts by the Reserve Bank of Australia (RBA). 

    Regional currencies gained some ground this week, while the U.S. dollar retreated following Trump’s ceasefire announcement. 

    The dollar also faced pressure from growing bets that the Federal Reserve would cut interest rates, even as Powell downplayed such a possibility. Trump continued to push for rate cuts on Tuesday. 

    The Australian dollar saw limited movement on Wednesday despite data showing that consumer price inflation in May grew far less than expected. The currency paused after two days of gains driven by improved risk sentiment. 

    Headline consumer price inflation fell to its lowest level in seven months, while core inflation, as measured by the trimmed mean CPI, dropped to its lowest in over three years. 

    Wednesday’s data showed continued disinflation in Australia, giving the RBA more room to pursue further rate cuts. The central bank has already cut rates by a cumulative 50 basis points in 2025 and remains data-dependent for future easing. 

    This follows much weaker-than-expected Australian employment data last week, signaling a cooling labor market. 

    Meanwhile, oil prices rebounded in Asian trading on Wednesday, recovering some losses from the previous two sessions. The market remained focused on whether the U.S.-brokered ceasefire between Israel and Iran would hold. 

    Oil prices were also supported by industry data showing another significant drawdown in U.S. crude inventories, suggesting rising demand in the world’s largest fuel consumer. 

    Data from the American Petroleum Institute on Tuesday showed U.S. crude stockpiles dropped by about 4.3 million barrels last week, far exceeding forecasts of a 0.6 million barrel decline. 

    This follows a massive 10.1 million barrel draw the week before, indicating a rapid tightening in U.S. oil supplies. 

    Such substantial inventory drawdowns typically precede similar trends in official stockpile data, which is due later today. 

    The sharp declines in U.S. inventories helped restore some confidence in fuel demand, which is expected to surge with the summer season. 

    Conclusion: 

    The fragile ceasefire between Israel and Iran remains the key focus in global markets, keeping traders cautious while commodities and currencies react to shifting geopolitical and economic signals. 

  • Breaking News: Weekly Unemployment Claims and Producer Price Index Data Released

    Breaking News: Weekly Unemployment Claims and Producer Price Index Data Released

    Federal Reserve Gains Confidence in 2025 Rate Cuts

    In a significant development that could shape the U.S. monetary policy path for 2025, the latest data on weekly jobless claims and the Producer Price Index (PPI) offered fresh evidence of easing inflationary pressures—potentially granting the Federal Reserve more confidence to implement rate cuts next year. 

    The headline PPI for May showed a year-on-year increase of 2.6%, aligning with expectations. However, the monthly PPI came in softer than forecast, rising just 0.1% compared to the anticipated 0.2% increase. 

    The core PPI, which excludes volatile food and energy prices, rose 3% year-over-year, slightly below the forecast of 3.1% and April’s reading of 3.2%. On a monthly basis, core PPI increased only 0.1%, missing the expected 0.3% rise. 

    Final demand services rose by 0.1%, reversing a 0.4% drop in April, driven by higher hotel accommodation prices. However, airfares dropped by 1.1%, and investment portfolio management fees also declined. 

    These components—hotel rates, airline ticket prices, and portfolio management fees—are key elements in the Fed’s preferred inflation gauge. 

    Excluding food, energy, and trade services, the PPI rose 0.1%, following a 0.1% decline in April. The annualized core PPI pace dropped to 2.7% from 2.9%. 

    This data follows Wednesday’s release showing U.S. consumer prices rising at a slower-than-expected annual pace in May, reinforcing the narrative of a cooling inflation environment. 

    Additionally, weekly jobless claims surprised to the upside, rising to 248,000 versus forecasts of 242,000, reflecting a softening in the labor market that may further support the Fed’s dovish tilt. 

    Conclusion: 

    With inflation showing consistent signs of easing and labor market data reflecting modest weakness, the latest PPI and jobless claims figures build a stronger case for the Federal Reserve to consider rate cuts in 2025. Markets will closely monitor upcoming economic data as expectations shift toward a more accommodative policy stance. 

  • Today’s Forex & Economic News

    Today’s Forex & Economic News

    1. USD Holds Firm on Hawkish Fed Expectations 

    • The US Dollar (USD) remains strong as traders reduce expectations for multiple Fed rate cuts in 2025. 
    • The DXY (Dollar Index) stays steady near 100. 
    • Fed officials emphasize patience, with the market now pricing in just one rate cut for the year (vs. earlier expectations of two). 

    2. EUR Weakness Persists as ECB Eyes More Easing 

    • The Euro (EUR) remains under pressure, trading near 1.0850 (EUR/USD). 
    • ECB signals openness to additional rate cuts, in contrast with the Fed’s more hawkish tone. 

    3. GBP Awaits UK Inflation Data (May 22) 

    • The British Pound (GBP) remains range-bound. 
    • Traders are awaiting UK CPI data; a stronger-than-expected reading could delay Bank of England rate cuts, supporting GBP in the short term. 

    4. Yen Near Intervention Levels (USD/JPY at 145.00) 

    • The Japanese Yen (JPY) remains weak, with USD/JPY hovering around 145.00. 
    • Japan’s Finance Ministry has reiterated concerns and warned about potential currency intervention. 

    5. Commodity Currencies Under Pressure 

    • AUD/USD slips to 0.6400 as the Reserve Bank of Australia maintains a neutral stance. 
    • The Canadian Dollar (CAD) weakens with USD/CAD reaching 1.3950 amid a decline in oil prices. 

    Gold & Bitcoin Prices (Corrected) 

    • Gold (XAU/USD): $2,230 – Supported by inflation fears and geopolitical tensions. 
    • Bitcoin (BTC/USD): $103,000 – Trading in a tight range as crypto sentiment remains mixed. 

    Note: Prices based on latest available data. Refer to live charts for real-time updates. 

    Upcoming Economic Events (Next 24 Hours) 

    • Fed Speakers: Hawkish remarks could further support the USD. 
    • German PPI (Apr): Forecasted at +0.3% MoM – May briefly impact EUR. 
    • US Treasury Yields: The 10-year yield is near 4.45%, supporting the USD outlook. 

    Market Sentiment 

    • A risk-off tone continues due to uncertainty surrounding Fed policy and ongoing geopolitical tensions. 
    • Gold remains firm as a safe haven. Bitcoin holds its range amid cautious investor sentiment. 

  • Global Market Turmoil Amid Trade Developments, Geopolitical Tensions, and Crypto Surges 

    Global Market Turmoil Amid Trade Developments, Geopolitical Tensions, and Crypto Surges 

    Global Market Turmoil Amid Trade Developments, Geopolitical Tensions, and Crypto Surges 

    Trump Announces Trade Agreement Framework with the UK 
    President Trump announced on Thursday a preliminary agreement with the United Kingdom, noting that the full details will be negotiated in the coming weeks. According to the agreement, the UK will expedite the clearance of U.S. goods through customs and ease restrictions on agricultural, chemical, energy, and industrial exports. 

    This announcement marks Trump’s first trade agreement since imposing high tariffs on dozens of the United States’ trading partners. 

    Upcoming U.S.–China Trade Talks 
    Trump also mentioned expectations of substantial negotiations with China. Officials from both countries are scheduled to meet over the weekend for trade discussions. 

    U.S. Trade Strategy and Tariffs 
    Commerce Secretary Howard Lutnick stated in media interviews that the U.S. plans to conclude dozens of trade deals soon but is likely to maintain a general 10% tariff rate. 

    Gold and Oil Markets React to Trade Sentiment 
    Gold, which typically rises during times of uncertainty, declined earlier due to signs of easing trade tensions. However, it later found support from prevailing caution ahead of the U.S.–China talks. 

    Oil prices saw slight gains during Friday’s Asian trading session, mainly supported by optimism around the potential easing of President Trump’s tariff agenda. However, gains were limited by the strengthening U.S. dollar. 

    Geopolitical Tensions Escalate 
    Market sentiment was also affected by rising geopolitical tensions between India and Pakistan, who engaged in their worst fighting in decades. Elsewhere, Trump called for an immediate ceasefire between Russia and Ukraine amid limited progress in peace negotiations. Nevertheless, a Russia-led three-day ceasefire is scheduled to begin this week. 

    Focus on Future Trade Agreements with Oil Importers 
    Markets are closely watching for further U.S. trade deals, especially with major oil importers like China and India. Talks with India are ongoing, and U.S. officials are expected to meet with their Chinese counterparts this week for more negotiations. 

    Despite this week’s gains, oil prices remain near four-year lows due to lingering uncertainty. Additionally, recent production increases by OPEC+ have negatively impacted crude prices amid growing economic concerns and their effect on demand. 

    Wall Street Gains on U.S.–UK Trade Framework 
    Wall Street climbed following news of a trade agreement framework between the U.S. and the UK. Eyes now turn toward a potential deal with China. 

    Crypto Markets See Explosive Growth 
    Cryptocurrencies have experienced strong upward momentum in recent hours. Bitcoin surpassed the $100,000 mark for the first time since February, jumping 24% over the past 24 hours to trade at $102,929.22 — driven by expectations of easing global trade tensions. 

    However, Ethereum stole the spotlight with an even more dramatic performance, surging 20.25% in the same period to reach $2,203. 

    The total market capitalization of cryptocurrencies rose accordingly, reaching $3.22 trillion — a significant 3.66% increase over the last 24 hours. 

    Asian Currencies Weaken Against U.S. Dollar 
    Most Asian currencies fell on Friday, affected by a rebound in the U.S. dollar amid increasing bets on a softening of President Trump’s trade policies. 

    The yuan, along with most Asian currencies, is set to lose ground this week as the dollar continues its recovery from its recent three-year lows. 

    The Indian rupee was among the worst performers of the day, losing ground amid continued hostilities between New Delhi and Islamabad. Ongoing fears over deteriorating relations between the two nuclear-armed neighbors kept risk appetite muted. 

    Japanese Yen Slightly Lower 
    The Japanese yen slipped 0.1% against the U.S. dollar but remained near a one-month high following weaker-than-expected overall wage income data, which contradicted the Bank of Japan’s narrative of rising wages and sticky inflation.