Free Trial

Suga Support?

DOLLAR-YEN

Rate pushes through Y106.00 again, sitting 10 pips or so higher on the day at typing. Initial technical support and resistance remain well defined.

  • This morning's Japanese corporate profit and capex data were on the softer side, while the latest monthly labour market report provided no notable deviations from consensus.
  • Chief Cabinet Secretary Suga (the definition of a policy continuation candidate) has seemingly assumed the role of favourite to succeed outgoing Japanese PM Abe, which may be providing an underlying bid for the cross. Monday's Wall St. rally also underpinned the rate in early trading this week, with a brief, limited pullback seen on the back of USD negative month-end end flows.
  • The local political dynamic and broader market flows will be eyed in Asia-Pac hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.