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USD/JPY Creeps Higher Through London Close

JPY
  • USD/JPY again creeping higher, with the rate testing earlier highs of 155.17 - a break here would mark new cycle highs.
  • Volumes on this JPY slippage are very low relative to the earlier phase of volatility, but markets will be wary of USD/JPY strength not accompanied by a further run higher in US yields - as is the case with the last ~10 pip gain. The US 2y yield is rangebound in recent trade; off earlier highs of 4.9498%, and well below yesterday's pre-PMI levels of 4.9977%.

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