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Jun 23 - 01:55 PM

USD/JPY - Topping Signals With Risk And Rates Off, Fed Hikes Not Helping

By Randolph Donney  —  Jun 23 - 12:45 PM

  • USD/JPY down from 136.20 to 134.26 low by tenkan prop at 134.10 on EBS

  • Big haven yen gains amid global recession and risk aversion

  • US PMIs much weaker than f/c nZON005ROT, Germany's too nZRN004KDP

  • USD/JPY weighed down by 46bp drop in 2-yr Tsy-JGB yld spreads since FOMC

  • Spate of 3 75bp hikes nearly priced in puts peak rate at 3.47% by March

  • Fed Chair Powell and Governor Bowman kept message hawkish today

  • Both eyeing forceful hikes to tame inflation nW1N2WO01AnS0N2UQ02Q

  • Helped trim big drops in Treasury yields, stalled USD/JPY slide

  • But a weekly gravestone candle reversal is pending, w prices overbought

  • A close below 134.10 would increase risk down to 131.54 nL1N2YA1T5

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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