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Aug 18 - 04:55 PM

USD/JPY - 110 Cloud Base Clearance Clipped By Disparate Fed Minutes

By Randolph Donney  —  Aug 18 - 03:11 PM
  • USD/JPY cleared its 110 cloud base before Fed minutes triggered sales

  • Minutes had too many difference of opinions nL1N2PP14Z for USD bulls

  • High of 110.07 hit on EBS just after the Minutes, then a dip to 109.80

  • Markets trying to square recent Fed taper talk with July FOMC caution

  • Leaves focus on Aug US PMI and jobs reports into Sep. 21-22 Fed meeting

  • USD/JPY remains in choppy July-August range, with specs still well long

  • Even slow Fed tapering to outpace BOJ, stuck in yield curve control mode

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Source:
Refinitiv IFR Research/Market Commentary

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