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USD/JPY tipped to multi-month low - The USD...>

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FOREX: USD/JPY tipped to multi-month low
- The USD index looks to finish the week at the lowest levels since 2018 having
recorded six consecutive sessions in the red. The continued decline of US real
yields has weighed further on the greenback, proving supportive of precious
metals - with spot gold coming within about $15 of the alltime high printed in
2011.
- Markets traded risk-off for the bulk of the session, with US markets shedding
just under 1% apiece. This helped drive haven currencies higher, with USD/JPY
breaking through support layered at the Y106 handle. Growth and commodity
proxies took a knock, with AUD, CAD and NZD among the poorest performers Friday.
- The latest round of GDP numbers from Germany, France, Italy, Canada and the US
cross next week, as well as Australian inflation and MNI Chicago Business
Barometer. The coming week is the busiest of the quarter for US earnings, with
nearly 200 S&P500 firms due to report, most notably Apple, Amazon and Alphabet.
The Fed rate decision is also due, with focus turning to any potential revision
to the bank's forward guidance.
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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