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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JPY
- Lower core yields are continuing to weigh on the broad greenback with the Japanese Yen a particular beneficiary, extending its intra-day strength to around 2% against the USD.
- USDJPY now trades below 135.49 which represents the 76.4% retracement of the Aug 2 - Oct 21 bull leg. The path of least resistance remains lower as markets powerfully reverse the favourite 2022 trade, which coincided with significant Japanese fx intervention and the likely peak in US inflation figures.
- The earlier Bloomberg interview with BOJ board member Tamura adds an interesting dynamic to today’s price action. Despite being very vague as to any potential timeframe for a policy assessment, the developments to a potential review of the monetary policy framework and inflation target will be closely monitored.
- Tamura is the first board member to explicitly suggest the need for a policy assessment, after the bank conducted its most recent review in March last year. In the past, review results have often come with policy adjustments, including the introduction of the yield curve control program in 2016.
- For USDJPY, the next targets/supports as we approach Friday’s US jobs data are 134.65 and 133.91, the Aug 17/Aug 18 lows respectively.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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