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USD: USD/JPY Selling Stabilises, But Manages to Boost EUR/USD in Tandem

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USD/JPY sell-off has stabilised somewhat in recent trade, but the break lower has filtered well through to other USD pairs with EUR/USD following with a new respective high, and the front-end of the US yield curve coming under pressure. Again, no new news or headlines crossing to trigger the move in USD or JPY here.

  • As we noted above, volumes really picked up across JPY futures with the move, as the sell-off broke through near-term supports at both the overnight & Monday low of Y153.55 as well as last week's lows of Y153.29 - both of which accelerated the move.
  • Month-end flows are expected to be USD-negative for November, so could also be adding to the pressure on the Greenback (Deutsche Bank expected these flows to be most notable against EUR, SEK, CHF).
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USD/JPY sell-off has stabilised somewhat in recent trade, but the break lower has filtered well through to other USD pairs with EUR/USD following with a new respective high, and the front-end of the US yield curve coming under pressure. Again, no new news or headlines crossing to trigger the move in USD or JPY here.

  • As we noted above, volumes really picked up across JPY futures with the move, as the sell-off broke through near-term supports at both the overnight & Monday low of Y153.55 as well as last week's lows of Y153.29 - both of which accelerated the move.
  • Month-end flows are expected to be USD-negative for November, so could also be adding to the pressure on the Greenback (Deutsche Bank expected these flows to be most notable against EUR, SEK, CHF).