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Free AccessOutperforming On Lower US Yields, Softer Commodities
Yen has climbed to the top of the G10 pile for Monday's session so far. USD/JPY continues to track lower, with the pair last to 135.45/50. This is 0.30% firmer in yen terms since the start of the session (although we are slightly above session lows 135.37). March 1 lows, which came in around the 135.25 level, aren't too far away, while the 100-day EMA is just under 135.00.
- There doesn't appear any obvious headline catalyst for the moved. US yields are lower, with the US-JP 10yr swap spread off a further 2.5bps today, a continuation of the move from late last week.
- Cross yen performance is also likely being helped at the margins by softer commodity prices, particularly for metals such as iron ore. AUD/JPY is down to the 91.60/70 region, off by 0.35% so far today. This comes post China's 'around 5%' growth target, which has likely disappointed the market at the margins.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.