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Jun 05 - 05:55 PM

USD/JPY - Exodus From Yen-Funded Carry Trades Retreats, ISM Props Pre-Payrolls

By Randolph Donney  —  Jun 05 - 01:45 PM
  • USD/JPY fully reversed Tues's EM-led risk-off slide to its 156.48 high

  • The rebound stuttered after ADP was weaker than forecast, rev down

  • It then resumed after the sizeable bullish beat by ISM services

  • But Tsy yields remained depressed and near May's key support levels

  • Traders are now focused on Fri's U.S. jobs report, see if Tsy ylds rebound

  • May need solid NFP to test May's 157.99 high by last BoJ intervention

  • US top stock indexes are by or beyond record highs on soft-landing hopes

  • Market is discounting at least one Fed cut and two BoJ hikes by yr-end

  • Japan's economy shows signs of growth, but real wages dn for a 25th month

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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