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Another Volatile session for the Yen

USD
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  • The Dollar is on the backfoot across all the majors as Yields tumbled, helped in part by the drop in Oil prices, and Desks also gearing up for the US CPI today and the first Fed cut on the 18th September.
  • The standout overnight mover is once again the Japanese Yen, already trades in a 176 pips, up 0.81% at the time of typing, supported by the fall in US Yields and latest Hawkish comment from BoJ's Junko Nakagawa overnight.
  • Looking at the bigger picture, although the Yen is actually closer to flat YTD, down 0.21%, it has gained a whopping 13.79% for half the Year.
  • Next support is seen further out, down to 140.25 Low Dec 28 ‘23 and a key support.
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  • The Dollar is on the backfoot across all the majors as Yields tumbled, helped in part by the drop in Oil prices, and Desks also gearing up for the US CPI today and the first Fed cut on the 18th September.
  • The standout overnight mover is once again the Japanese Yen, already trades in a 176 pips, up 0.81% at the time of typing, supported by the fall in US Yields and latest Hawkish comment from BoJ's Junko Nakagawa overnight.
  • Looking at the bigger picture, although the Yen is actually closer to flat YTD, down 0.21%, it has gained a whopping 13.79% for half the Year.
  • Next support is seen further out, down to 140.25 Low Dec 28 ‘23 and a key support.