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JPY Bounce Slows, USD/JPY Back Above Y135.00

  • Elsewhere, the late rally last week in the JPY has slowed, putting USD/JPY back above the Y135.00 handle. Last week's highs at 137.00 remain the key upside target, but a more solid recovery in equity markets will likely be needed to put the pair on more stable footing.
  • The greenback trades similarly softer, although recent ranges are being largely respected thus far. The EUR fares slightly better, seeing some support following comments from ECB's Vasle, who sees more hikes as likely in Q4 after the September decision.
  • Equity futures across the US are in minor negative territory - although price action is thin and volumes low ahead of the July 4th market holiday in the US. Exchanges and markets see a limited open across Monday trade for US assets, which will likely keep price action muted going forward.
  • Data releases are few and far between Monday, with markets looking ahead to the BoC business outlook data for Q2 as well as speeches from ECB's Nagel and de Guindos.
  • Risk events are more tilted toward the tail-end of the week, with the June nonfarm payrolls release and FOMC meeting minutes all vying for market attention.

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