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USD/JPY Extends Winning Streak to 13 Sessions

FOREX
  • The weakness in JPY markets extended early Tuesday, with USD/JPY breaking comfortably back above the Y128.00 handle as the uptrend extends. This pushes the winning streak in the pair to 13 consecutive sessions, and narrows the gap with Y130 - a level last crossed in 2002.
  • The run higher in the pair follows an appearance from Fed's Bullard - a notable hawk in Fed policy-making - who mentioned the possibility of a 75bps rate hike if required. His preference is for rates to reach 3.50% this year, but rate rises above 50bps at each interval are not his base case for the time being.
  • A run-up in US yields has followed this morning, putting the US 10y yield at the highest levels since December 2018, but this has not been accompanied by dollar strength, with the currency among the poorest performers of the day.
  • AUD is faring better, with AUD/USD erasing Monday's modest decline, with the pair circling just below $0.7400 resistance.
  • Focus turns to US housing starts and building permits data as well as an appearance from Fed's Evans, who speaks at the Economic Club of New York. Earnings season continues, with Johnson & Johnson, Netflix and IBM all on the docket.
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