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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JPY
- Bank of America strategists have pointed out the Federal reserve may need to acknowledge that a significant part of the recent inflation surge reflects an overheating economy, as per Bloomberg reporting.
- Such a turn could push the dollar higher against G10 counterparts such as the euro and the Japanese yen, the strategist said, as higher rates draw in funds from abroad. On Tuesday, St. Louis Fed President James Bullard endorsed a more aggressive approach to monetary policy, saying he thinks the bank should go in a "more hawkish direction."
- The note comes amid a continuation of greenback strength on Tuesday, with the USD Index printing a fresh YTD high for a fifth consecutive session.
- Despite EURUSD being pinned to the lows following the break of 1.15, USDJPY has failed to break the October highs and finds itself at a significant juncture, hovering just below 114.70/73 horizontal resistance.
- The pair's rebound on Nov 11 highlighted a bullish engulfing candle pattern, signalling the potential end of the recent corrective pullback. A break of 114.70/73 would confirm a resumption of the current primary uptrend and would initially target 115.51, High Mar 10, 2017
MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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