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USD/JPY Back To 144.00 Amid Lower Front End Yields, BoJ Deputy Governor To Speak Today

JPY

USD/JPY tracks near 144.00 in early Wednesday dealings. This is close to late US session lows from Tuesday trade. The yen gained 0.40% for Tuesday's session, around mid range from a G10 standpoint, as the USD fell against all of the G10 currencies. The BBDXY lost close to 0.10%, the DXY fell near 0.30% in Tuesday trade.

  • Broader USD sentiment was weighed by lower front end US yields, with the 2yr Tsy yield back sub 3.90%, down close to 4bps. Fed easing odds rose.
  • US data was mixed, although the Richmond Fed manufacturing index fell to -19, fresh lows back to 2020. These outcomes/yield shifts aided the yen, while equity sentiment was a touch positive for US and EU markets.
  • For USD/JPY, yesterday's rebound ran out of steam in the 145.15/20 region, while Monday lows at 143.45 are a near term downside target. Beyond that is 141.70, the August 5 low.
  • The local data calendar is empty today, but we do have BoJ Deputy Governor Himino speaking to business leaders at 1030 JST (0130 GMT).
  • In the option expiry space, note the following for NY cut later today: Y145.25($1.4bln), Y145.50($2.1bln).
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