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FOREX: Yen Supported On Ueda Comments

FOREX
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The USD is seeing some weakness in early London dealing. Yen remains the main beneficiary at this stage. USD/JPY is down 0.40% to 154.80/85, slightly up from session lows at .154.56.  We have had Ueda speaking at a forum in Tokyo. 

  • Some headlines around not being able to predict the Dec meeting outcome and looking at the FX impact on the price forecasts are likely yen positives at the margin. Still, we remain very much within recent ranges for the pair.
  • We have also had a Barron's interview with NY Fed President Williams, where he stated that "Given my forecast, I expect it will be appropriate, over time, to bring the fed-funds rate down closer to more-normal or neutral levels."My guess is the fed-funds rate will be lower by the end of next year than it is today. It will depend on the data and the progress we make." See this BBG link .
  • US Tsy futures ticked higher as comments crossed, but aggregate moves have been modest and there has been no follow through.  
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The USD is seeing some weakness in early London dealing. Yen remains the main beneficiary at this stage. USD/JPY is down 0.40% to 154.80/85, slightly up from session lows at .154.56.  We have had Ueda speaking at a forum in Tokyo. 

  • Some headlines around not being able to predict the Dec meeting outcome and looking at the FX impact on the price forecasts are likely yen positives at the margin. Still, we remain very much within recent ranges for the pair.
  • We have also had a Barron's interview with NY Fed President Williams, where he stated that "Given my forecast, I expect it will be appropriate, over time, to bring the fed-funds rate down closer to more-normal or neutral levels."My guess is the fed-funds rate will be lower by the end of next year than it is today. It will depend on the data and the progress we make." See this BBG link .
  • US Tsy futures ticked higher as comments crossed, but aggregate moves have been modest and there has been no follow through.