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May 11 - 08:55 PM

USD/JPY - Lower US Yields, Safe Haven Demand Support JPY

By Krishna K  —  May 11 - 07:10 PM
  • USD/JPY on the defensive in early Asia as flight to safety supports JPY

  • Soft U.S. and Chinese data, plunge in PacWest shares lead to risk aversion

  • Global recession fears, U.S. regional bank concerns boost JPY on the crosses

  • Lower U.S. yields support JPY; 10-yr -5bps as market prices in Fed rate cuts

  • Probability of Fed Sep rate cut currently at 78% on CME FedWatch tool

  • Developments on debt ceiling talks, China stocks key for direction in Asia

  • Thu range 134.85-133.73; support 134.20-25, 133.80-85, resistance 134.85-90

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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