© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: Clarida Questions Relevance Of Fed's Reverse Repos

MNI BRIEF: BOC Calls Talk Of Normalizing Rates Lower Premature

BOC- HIGH CPI MEANS TALK ABOUT NORMALIZING RATES PREMATURE

Coming Up In The Asia-Pac Session On Thursday

EZ/UK Bond Supply Calendar: Italy to sell BTP / CCTeu on Thurs

US EIA: CRUDE OIL STOCKS EX SPR -7.49M TO 473.7M MAR 24 WK

MNI INTERVIEW: Canada Budget Keeps BOC On Pause: Ex Official

MNI BRIEF: FDIC To Conduct Review Of Deposit Insurance

MNI BRIEF: Fed's Barr: Will Use All Tools To Keep Banks Safe

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

USD/JPY Faded Above 131.00, Outperforms G10 Modestly

JPY
BulletMarketsForeign Exchange NewsHomepage

JPY was volatile post the Asia close. The pair spiked above 131.00 as US PMI data printed better than expected, but this was quickly reversed as the Richmond Fed came in below market forecasts. We got back below 130.00, before stabilizing to currently sit at 130.10/15. Yen was best performer within the G10 space (+0.4%), at the margins, for Tuesday's session.

  • The weaker US cash Tsy yield backdrop helped yen, with moves of -6-8bps in the 10-30yr part of the curve. US real yields also continued to track lower, the 10yr now back to 1.19%. US survey data, in aggregate, is pointing to downside risks for next week's ISM print.
  • Other cross asset signals were more mixed, with equities off slightly, while the aggregate Bloomberg commodity index slipped (-0.54%) led by oil.
  • Locally, the focus is likely to remain on BoJ's bond/loan operations as it continues to manage its YCC program.
  • On the data front, it is just the final leading and coincident indices for Nov on tap, which are unlikely to move market sentiment.
173 words

To read the full story

Why Subscribe to

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.

JPY was volatile post the Asia close. The pair spiked above 131.00 as US PMI data printed better than expected, but this was quickly reversed as the Richmond Fed came in below market forecasts. We got back below 130.00, before stabilizing to currently sit at 130.10/15. Yen was best performer within the G10 space (+0.4%), at the margins, for Tuesday's session.

  • The weaker US cash Tsy yield backdrop helped yen, with moves of -6-8bps in the 10-30yr part of the curve. US real yields also continued to track lower, the 10yr now back to 1.19%. US survey data, in aggregate, is pointing to downside risks for next week's ISM print.
  • Other cross asset signals were more mixed, with equities off slightly, while the aggregate Bloomberg commodity index slipped (-0.54%) led by oil.
  • Locally, the focus is likely to remain on BoJ's bond/loan operations as it continues to manage its YCC program.
  • On the data front, it is just the final leading and coincident indices for Nov on tap, which are unlikely to move market sentiment.