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USD/JPY Opens Gap With Sizeable Strike Just 15mins Out From NY Cut

JPY
  • Move in the greenback after the Al Jazeera report appears to be sticking, with EUR/USD, GBP/USD and - notably - USD/JPY printing new highs/lows through the cash equity open. Markets had been oscillating around a sizeable strike at Y150.00 in USD/JPY ($4.4bln), but spot appears to have opened a gap with the level 20 minutes out from the NY cut.
  • Stock futures and US yields, however, have failed to hold the initial move, as the 10y yield corrects the 4bps move and equity futures fade through beginning of NY trade.
  • Focus turns to the final UMich sentiment reading, with inflation expectations across the 1yr and 5-10yr horizon expected unchanged.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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