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JPY Downtrend Pauses as Markets Ponders Two-Way Risk for Yields

FOREX
  • JPY bounced well off the overnight lows, dragging USD/JPY further off the week's best levels of 109.23 as Bloomberg reported that the Bank of Japan were said to be seeking a freer rein over bond yield fluctuations as part of their policy review. This re-introduction of two-way risk to Japanese bond markets underpinned the drop in USD/JPY, but a slip through 108.27 is needed to halt current bullish momentum.
  • The greenback traded mixed, trading largely inside recent ranges against most others in G10. EUR/USD shrugged off sourced reports that the ECB see only a fleeting bounceback in inflation as part of their forecasts due for release Thursday.
  • NOK was among the best performers, with CHF and CAD trading poorly. The Bank of Canada stood pat on policy but reaffirmed the pace of their asset purchase program against outside expectations of a taper.
  • Focus Thursday rests on the ECB. The bank are seen keeping policy unchanged, but plenty of focus rests on the governing council's explanation for the slowing in their asset purchase program in recent weeks. US weekly jobless claims are also on the docket.
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