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USD/JPY Pushes Higher Alongside U.S. Tsy Yields

JPY
  • Multi-month highs for U.S. 10- & 30-Year Tsy yields have been in the driving seat for USD/JPY, leaving the rate the best part of 30 pips higher into European hours, printing just shy of Y111.75.
  • On the local political front, it would seem that Japanese PM Kishida is starting from a relatively low base when it comes to public support, although the initial round of opinion polls covering the new PM & his cabinet revealed a clear uptick in support levels when compared to his predecessor Suga. Some have suggested that the low starting point in the polls boosts the chances of a larger round of fiscal stimulus in the wake of the upcoming general election.
  • BoJ Governor Kuroda's latest round of comments failed to introduce anything in the way of fresh material information, focusing on well-discussed headwinds for inflation.
  • There isn't anything in the way of meaningful FX option expiries to consider come today's 10AM NY cut.
  • Bulls eye the Sep 30 high (Y112.08). A break there would expose the high from Feb 20 '20 (Y112.23) followed by the Apr 24 '20 high (Y112.40). Initial support is seen at the Aug 11 high (Y110.80).
  • The latest U.S. ADP employment report will headline the broader docket on Wednesday. Expect the release to generate the usual conversation re: short-term correlations with NFPs ahead of Friday's NFP reading.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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