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Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

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J.P.Morgan note that “late November saw Japanese investors net selling foreign assets, potentially representing some profit-taking amid concerns over the Omicron variant. But overall Japanese capital flows remain light; deleveraging/de-risking in foreign spec positioning looks to be the dominant driver of recent USD/JPY price action. This looks consistent with USD/JPY recoupling to long-end yields, rather than short-end rate spreads (JPY spec positioning has been closely aligned with the trajectory of U.S. 10-Year yields). A decisive recovery in sentiment, and/or some widening in long-end spreads, is probably a prerequisite for USD/JPY to break out of its recent range.”