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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
USD/JPY is finding some support, the pair touching a session high near 133.95. We are now back at 133.70/75, still +0.40% firmer for the pair for the session. Yen losses are slightly shading the AUD for the worst performer tag within the G10 space so far today.
- The US-JP 10yr swap spread is re-widening, back out to +273bps, the closing low at the end of last week was +259bps, see the chart below. Japan 10yr swap rates are off lows for the session where were close to 50bps, last around 56bps. The US rebound has been larger though, back to 328bps, from Monday intra-day session lows around 307bps.
- In terms of levels, note the 20-day and 100-day EMAs are fairly close to 135.00 for USD/JPY. This also coincided with highs during yesterday's session. Lows for today come in at close to 133.00.
Fig 1: USD/JPY Versus US-JP 10yr Swap Spread
Source: MNI - Market News/Bloomberg
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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