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USD/JPY Runs Higher as US Curve Re-Steepens

JPY
  • On the back of the aforementioned weakness across core FI and the pronounced steepening (particularly when compared to the UK and German curves) of the US curve, USDJPY is benefiting, helping tip the pair toward clustered resistance that held well late last week around 149.78-83 - levels that are expected to slow any proceedings absent another run in US/JN yield differentials.
  • Currency futures volumes continue to detail a session of subpar volumes for FX, but the recent pickup in activity for USDJPY specifically means cumulative daily volumes are now ~93% of what you'd expect to see at this point of day, a better showing relative to the likes of EUR and GBP, which are 25% below normal levels of participation.
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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