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Pervading Risk-Off Drives USD/JPY to New Lows

JPY
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  • The latest risk-off move fuelling further losses for USD/JPY in recent trade, with the pair touching fresh lows at 148.53, opening Thurs/Fri lows at 148.26/36. The downtick in spot puts prices among the more sizeable expiries for tomorrow's NY cut, with $952mln set to roll-off between Y148.50-75.
  • Moves coincide with further strength in Treasury futures (recall cash markets closed) as prices hold just below the earlier highs of 107-22+.
  • Risk-off triggered by firmer oil prices and concerns around any spillover from the Israel/Gaza conflict remain the key drivers for price action Monday, with liquidity and volumes likely stemmed by the public holiday in the US.
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  • The latest risk-off move fuelling further losses for USD/JPY in recent trade, with the pair touching fresh lows at 148.53, opening Thurs/Fri lows at 148.26/36. The downtick in spot puts prices among the more sizeable expiries for tomorrow's NY cut, with $952mln set to roll-off between Y148.50-75.
  • Moves coincide with further strength in Treasury futures (recall cash markets closed) as prices hold just below the earlier highs of 107-22+.
  • Risk-off triggered by firmer oil prices and concerns around any spillover from the Israel/Gaza conflict remain the key drivers for price action Monday, with liquidity and volumes likely stemmed by the public holiday in the US.