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Oct 27 - 04:55 PM

USD/JPY - Still Above Key Supports, But Needs Fed And Risk Acceptance Help

By Randolph Donney  —  Oct 27 - 02:40 PM

  • USD/JPY down 0.3%, but off 113.385 EBS low and above 113.21 key props

  • Yanked lower early by stocks and Treasury yield drops

  • Stocks off lows in U.S., led by techs, reduced haven yen demand

  • Fed rate hike pricing accelerates, but L-T Tsy yields tumble

  • L-T Tsy yield drops is bigger than breakevens would suggest

  • Could pose a threat to risk acceptance and support the haven yen

  • Comes as Japan insurers are wary of USD/JPY downside risk nL1N2RN1TG

  • BOJ seen inert at Thur's meeting, keeping Tsy yields, Fed in driver's seat

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Source:
Refinitiv IFR Research/Market Commentary

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