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JPY Slips as BoJ Step In To Contain Yields

FOREX
  • JPY is softer against all others in G10, falling on the back of an unexpected BoJ operation to curb a rise in local bond yields. The Bank's operation was the first of its kind since February, intervening by buying as much as $2bln in JGBs at market rates. USD/JPY spiked to 142.49 in response, the highest since early July to narrow the gap with the key bull trigger at 145.07.
  • Eurozone flash inflation numbers came in well within the range of expectations, leaving little wake across currency markets. EUR/USD continues to very gradually retrace the sharp Thursday pullback, making 1.1047 and 1.1150 the next upside levels.
  • Antipodean currencies are trading well, with both AUD and NZD higher ahead of this week's RBA rate decision, at which the bank are seen raising rates by 25bps to 4.35%. The moves also follow the more mixed China PMI releases, with manufacturing PMI beating expectations, but non-manufacturing coming in just below forecast.
  • This leaves the greenback mixed-to-lower, but the uptrend posted off the July low remains intact for now. As a result, key resistance at the 100- and 50-dmas of 102.40 and 102.52 remain the levels to watch.
  • The MNI Chicago PMI takes focus going forward, with Dallas Fed Manufacturing Activity also on the docket. The Senior Loan Officer Opinion Survey from the US could also draw some focus, after being referenced in the press conference with Fed chair Powell last week.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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