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Aug 08 - 03:55 PM

USD/JPY - Stalks August's High, June's Too If Risk Stays Off, US CPI Is Firm

By Randolph Donney  —  Aug 08 - 01:45 PM
  • USD/JPY was swept up in a broad USD safe haven advance, nears Aug's highs

  • Yen's own haven demand on China/global growth angst offset by BoJ doubts

  • Negative Japanese real wages, cooler nominal wages favor BoJ staying easy

  • Tues's high at 143.435 on EBS gets closer to Aug's 143.89 post-BoJ peak

  • Other resistance is clustered just above 144, and by June's 145.07 peak

  • If current risk-off flows persist or worsen USD will benefit more than yen

  • The data focus is on Thur and Fri's U.S. CPI and PPI reports

  • Along the way the Treasury has oversized refunding to finish on Wed and Thur

  • But today's 3-yr Tsy auction was well bought pulling S-T yields lower again

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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