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Greenback Gains Cemented Through Equity Open

FOREX
  • Greenback headed through cash equity open at the best levels of the session, with GBP/USD, EUR/USD and USD/JPY printing respective lows and highs. Move triggered by the run higher in US yields, and the break out of the day's ranges for the curve more generally.
  • USD/JPY's new high at 145.43 is again the best level since November last year - and levels at which the Japanese authorities intervened in the currency.
  • Concurrently, the JPY trade-weighted index is hitting new pullback lows and through the early July lowest levels - now clearing at levels not seen since the 1980s. Kanda, Japan's currency official, last stated the MoF would consider all options on "excessive" currency moves on July 21st. Trade-weighted JPY as fallen close to 2.5% since.

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