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Sep 20 - 04:55 PM

USD/JPY - Risk Aversion Sales Eye Sept Lows, Any Help From Fed

By Randolph Donney  —  Sep 20 - 02:46 PM
  • Haven yen bought far and wide as global risk acceptance sours

  • Treasury-JGB yield spreads fall as well before Wed's Fed meeting

  • BOJ meeting is also Wed, but no YCC to persist, JGB yields rangebound

  • USD/JPY fell 0.55% and is nearing Sept & mid-Aug's 109.11/115 EBS lows

  • Dips toward or just below 109 have been bought July-September

  • A weekly close below 109 could target April's 107.48 trough

  • But Fed policy normalization support would wane if stocks tumble persists

  • Dollar's broader gains also are weighing on commodities, inflation

  • Big 109 expiries on Tuesday attract, vols and yen call premia rising

    For more click on FXBUZ

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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