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Yen Giving Back Some Of Friday's Outperformance

JPY

Yen is the weakest performer within the G10 space so far in Monday trade. The pair is around session highs currently, last in the 142.75/80 region, which is +0.40% above NY closing levels from Friday. The firmer US dollar yield backdrop is helping the pair at the margins, with yield gains more prominent at the back end of the curve (10yr above 4.08%).

  • Arguably yen outperformed the US yield backdrop on Friday, which could be another driver today in terms of some payback.
  • Still, USD/JPY remains comfortably below pre NFP levels from Friday, which came in around the 143.30/40 region.
  • Equity signals are mixed, with US futures lower, but HK and China stocks doing better. Yen is underperforming the likes of AUD and NZD, although both these currencies are also weaker against the USD.
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