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U.S. Tsy Yields Still In Driving Seat

JPY

USD/JPY registered some gains Wednesday, underpinned by higher U.S. Tsy yields, with all eyes on the upcoming Jackson Hole symposium.

  • U.S. equity benchmarks oscillated above neutral levels, posting gains come the closing bell. The VIX index faltered.
  • U.S. Tsy yields crept higher across the curve. As a result, 10-year yield spread with Japan grew ~5bp, with 2-year gap widening ~9bp.
  • USD/JPY risk reversals eased off recent cycle highs, led by short-end tenors. Skews continue to signal bullish sentiment.
  • The spot rate sits at Y137.13, little changed on the day. A break above Aug 22 high of Y137.65 would bring Jul 14 high of Y139.39 into view. Bears look for a move through the 100-DMA/Aug 11 low at Y132.52/131.74.
  • BoJ's Nakamura will deliver a speech in Fukuoka later today.
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