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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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Free AccessUSD/JPY Nears YtD Highs After FOMC
USD/JPY surged as the FOMC delivered their latest monetary policy decision, with traders eyeing hikes of RRP & IOER rates as well as the updated dot plot, which pointed to two hikes by the end of 2023. The pair punched through resistance from Jun 4 high of Y110.33 and topped out at Y110.72.
- Implied vols faltered after the FOMC decision, but have picked up this morning. 1-week implied vol has recouped the bulk of its post-FOMC dip and last sits at 5.54%.
- The Nikkei reported that Japan will extend its employment subsidy programme through August. Elsewhere, NHK said that Tokyo wants to keep alcohol restrictions at eateries in place, while Japan plans to begin issuing Covid-19 passports next month.
- National monthly CPI report hits the wires on Friday. Also on Friday, the BoJ will deliver their latest monetary policy decision.
- USD/JPY last operates at Y110.69, little changed on the day. A break above the upper 1.0% 10-DMA envelope at Y110.94, located just shy of Mar 31 high & bull trigger at Y110.97. Bears look for a dip through Jun 7 low/50-DMA at Y109.19/17.
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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.