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Free AccessYen Finds Poise Thursday As U.S./Japan Yield Spread Shrinks, Tokyo CPI Eyed
The yen was the main G10 gainer on Thursday as U.S./Japan 10-Year yield gap narrowed 7bp amid good demand for U.S. Tsys.
- Data released out of the U.S. supported this dynamic as core PCE & personal spending came in slightly below expectations.
- Suspected profit-taking ahead of month-end rebalancing may have amplified pressure to the greenback.
- Meanwhile, risk aversion favoured the yen, with major equity benchmarks trading in the red & the VIX index crept higher.
- A drop in crude prices provided another tailwind for the yen, owing to Japan's status as a net importer of oil.
- USD/JPY 1-month risk reversal snapped a two-day advance on Thursday. It remains comfortably below par since mid-June.
- Spot USD/JPY last changes hands at Y135.80, up 8 pips on the day, with bulls looking to a rally towards its recent cyclical high/round figure of Y137.00. Bears keep an eye on Jun 28/23 lows of Y135.11/134.27.
- Tokyo core CPI is due shortly, consensus looks for an acceleration to +2.1% Y/Y from +1.9% prior. Japan's jobs data & Tankan Survey are also due
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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.