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JPY Surges Against USD And On Crosses

FOREX

JPY outperformance was the dominant theme during Thursday's post-Asia trade, rising just under 1.3% against the USD, and sharply outperforming on a cross basis.

  • USD/JPY fell to a low of close to 127.50 before rebounding, last dealing around ~128.50.
  • Lower US yields, with the 2yr down 8bps and 10yr sub-2.85%, aided the JPY move, although a late recovery for US equities trimmed USD and JPY gains.
  • Liquidation in crosses like AUD/JPY also helped. This pair fell to sub 88.00 before stabilising (-2.44% in the past 24 hours). We were as high as 91.75 in the previous session.
  • The DXY still managed to surge to fresh highs despite JPY strength. We got close to 105.00, before closing around 104.75. This reflected Euro weakness, down through 1.04.
  • A$ and NZ are off by more than 1% vs. the USD in the past 24 hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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