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May 09 - 04:55 PM

USD/JPY - Claims Cap Midpoint Of Last Week's Collapse Pre-CPI, Retail Sales

By Randolph Donney  —  May 09 - 02:05 PM
  • USD/JPY's 155.95 high Thur shy of 156.05, 50% Fibo of last week's collapse

  • Might have been cleared, but highest claims since last August weighed

  • One week's claims only market moving after last week's dovish jobs data

  • Treasury yields the main driver and fell 6-8bp from pre-claims session highs

  • Daily drop in Tsy yields only about 3bp, but softer data now on market radar

  • Thus May 15 CPI and retail sales reports have become even bigger event risks

  • Futures still not favoring a Fed cut until Sep, two by year-end

  • BoJ pricing continues to favor a 10bp hike by July and second by December

  • Japan's sickly wage and compensation data dim rapid BoJ rate hike view

  • Prices now flat and by the kijun at 155.53 vs tenkan & 50% Fibo at 156.05

  • May consolidate ahead of next week's key U.S. data, also f/c to cool

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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