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Familiar Territory

DOLLAR-YEN

Higher U.S. Tsy yields underpinned the cross on Tuesday, with the rate hovering around Y106.35 at typing, running little changed on the day. Key resistance at Y107.05 (the bull trigger and Aug 13 high) remains untested, with initial support noted at Y105.44, the Aug 21 low.

  • The Nikkei reported that Japanese PM Abe will make an address on Friday. Abe is expected to address his well-documented health issues, with officials pushing back against the rumours of the potential for snap elections late on Tuesday.
  • Late Tuesday saw ratings agency Fitch note that Japan's single-A rating would be negatively impacted if the country reverses the recent consumption tax hike, with the country's debt outlook now leaning toward negative.
  • Elsewhere, local reports have suggested that the government will extend its employment subsidy scheme through year end.
  • Services PPI & 1-10 Year BoJ Rinban ops headline locally on Wednesday.
    • MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
    BulletMarketsForeign Exchange Bullets
    MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
    BulletMarketsForeign Exchange Bullets

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