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USD/JPY Rebounds On Higher UST Yields

JPY

USD/JPY has rebounded strongly, the pair is back up to 139.20/25, versus earlier session lows around 138.55. Moves in other USD pairs have been more muted though. The move higher in USD/JPY has coincided with firmer UST yields (the 2yr & 10yr around +1.5bps higher). China has ended the recent run of record daily covid case numbers, which has helped pressure US fixed income.

  • Note yesterday's early session highs came in close to 139.50 in USD/JPY.

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