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Oct 06 - 03:55 PM

USD/JPY - Bullish Yield Spreads Post-NFP, Risk-On Flows Keep 150 In Play

By Randolph Donney  —  Oct 06 - 01:50 PM
  • USD/JPY gained 0.5% as NFP beat lifted Tsy-JGB ylds spreads

  • Tsy ylds off their peak, but still up about 6bp vs steady JGB ylds

  • And S&Ps rebounded off 200-DMA to decent gains, a drag on haven yen

  • But uptrend still working off O/B pressures & Tues's 150.165-147.30 dive

  • Lingering concern about path past 150 up to 2022's 151.94 32-yr peak

  • But 2- and 10-yr Tsy-JGB ylds spreads by 5% and 4% underpin prices

  • Tues's 147.30 low held kijun, Thu-Fri lows the 21-DMA and last week's lows

  • Focus now on US PPI and CPI on Wednesday and Thursday

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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