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Late US Equity Weakness Trims Yen Losses, BoJ July Summary Of Opinions Out Today

JPY
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USD/JPY lost some ground late in US trade on Wednesday, moving back towards the 146.70 level by the close. Yen still lost 1.62% for the session, as dovish BoJ rhetoric weighed from earlier in the session. Highs in USD/JPY were at 147.90 for Wednesday.

  • CHF was the second worst G10 performer after JPY (down 1.18%). Most high beta FX rallied against the USD, led by the NOK and NZD. The BBDXY USD index was close to steady at 1250.6.
  • Helping take USD/JPY off its highs was late US equity market weakness, with the SPX down 0.77% for Wednesday's session. EU markets climbed +2% earlier.
  • US yields were mostly firmer, particularly at the back end, with the 10 +5bps to 3.94% for Wednesday. A poor 10yr auction contributed to the move.
  • For USD/JPY, yesterday's bounce is still seen as corrective from very over sold conditions. 149.77, the Aug 2 high is seen as a resistance point. 141.70 is the Aug 5 low and a potential downside support point.
  • On the data front today, we have weekly offshore investment flows, along with June trade balance/current account figures. July bank lending is also on tap. Later on the Eco Watchers survey is due.
  • Note we also have the BoJ July summary of opinions out this morning.
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USD/JPY lost some ground late in US trade on Wednesday, moving back towards the 146.70 level by the close. Yen still lost 1.62% for the session, as dovish BoJ rhetoric weighed from earlier in the session. Highs in USD/JPY were at 147.90 for Wednesday.

  • CHF was the second worst G10 performer after JPY (down 1.18%). Most high beta FX rallied against the USD, led by the NOK and NZD. The BBDXY USD index was close to steady at 1250.6.
  • Helping take USD/JPY off its highs was late US equity market weakness, with the SPX down 0.77% for Wednesday's session. EU markets climbed +2% earlier.
  • US yields were mostly firmer, particularly at the back end, with the 10 +5bps to 3.94% for Wednesday. A poor 10yr auction contributed to the move.
  • For USD/JPY, yesterday's bounce is still seen as corrective from very over sold conditions. 149.77, the Aug 2 high is seen as a resistance point. 141.70 is the Aug 5 low and a potential downside support point.
  • On the data front today, we have weekly offshore investment flows, along with June trade balance/current account figures. July bank lending is also on tap. Later on the Eco Watchers survey is due.
  • Note we also have the BoJ July summary of opinions out this morning.