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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.
JPY
USD/JPY is tracking lower in early doors Asia Pac trade, last near 155.50/55, near session lows (155.44). This is levels last seen in the pair back to early June, (including sub the June 12 low of 155.72). A further test lower could expose 154.55, the June 4th low.
- Yen gains look to be Asia Pac playing some catch up with momentum from Wednesday offshore trade. Yen outperformed on a combination of factors - equity risk off, intervention fears and on-going Fed easing speculation.
- USD/JPY is also playing some catch up to the gap with lower US-JP yield differentials, see the chart below.
- Trends into the Tokyo fix will be eyed later. Coming up shortly we have the June trade figures for Japan.
Fig 1: USD/JPY Versus US-JP Yield Differentials
Source: MNI - Market News/Bloomberg
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.
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