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Free AccessYen Outperforms, Region Digests FOMC Decision
The yen has found poise in early Tokyo trade, with regional players reacting to the Fed's monetary policy decision and the subsequent presser with Chair Powell, who raised the prospect of a slower, more data-dependent rate hike path going forward. This has lent support to to U.S. Tsys, promoting further narrowing in the yield gap with Japan.
- The fact that all three e-mini contracts trade in the red, suggesting that the post-FOMC rally may have run its course, may be aiding the yen. Both JPY and CHF, the two traditional safe havens, have garnered some strength.
- USD/JPY has shed ~30 pips thus far, with regional risk barometer AUD/JPY down ~31 pips. the weakening in spot USD/JPY is out of sync with yesterday's upswing in USD/JPY 1-month risk reversal, which has been extended this morning.
- Key Asia-Pac data releases include Australian retail sales & New Zealand ANZ Business Confidence. After hours, focus will turn to German CPI as well as advance GDP & PCE data & initial jobless claims due out of the U.S. Comments are due form ECB's Visco.
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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.