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Liquidity Sapped By Local Holiday

JPY

The yen turned its tail Wednesday as risk sentiment improved on the back of reports suggesting that China Evergrande Group has struck an agreement with some of its yuan bond holders on interest payment due today as well as speculation that the CCP was finalising a plan to restructure the mammoth property developer. A bout of fresh volatility materialised after U.S. FOMC delivered their monetary policy decision, while Fed Chair Powell suggested during his presser that asset purchase tapering could begin in November and be completed in mid-2022. USD/JPY advanced as a result, registering its largest intraday gain since June, with the yen shrugging off the outcome of the latest gathering of BoJ policymakers.

  • Japanese markets are closed in observance of a local public holiday, which turns focus to global/regional risk developments. Looking further afield, national CPI and flash Jibun Bank PMIs will take focus on Friday.
  • USD/JPY trades flat at Y109.78, with bulls looking for a break above Sep 13 & 14 highs of Y110.16, which would open up Sep 8/Aug 13 highs of Y110.45/46. Conversely, a dip through Aug 16 & Sep 15 lows of Y109.11 would bring Aug 4 low of Y108.72 into play.
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