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Mar 24 - 05:55 PM

USD/JPY - Upward Price Spiral Gets Fresh Data, Fed-ECB Split Support

By Randolph Donney  —  Mar 24 - 02:20 PM

  • USD/JPY's March surge of 6.7% gets fresh ammo from Fed-BOJ contrast

  • Fed speakers, even doves, talking about a series of rate hikes

  • New and continued jobless claims lowest since 1969/70 nL2N2VR15K

  • March PMI beats, highest in 8 months nZON0057J8

  • Japan PMI up, but composite still sub-50, in contraction nZRN0043E7

  • BOJ the only major central bank without rate hikes on the horizon

  • 10-yr JGB ylds now capped by BOJ's 25bp YCC range top, 10-yr Tsy @2.36%

  • Downtrend from 1982 reversed nL2N2VO1E3, 2015's 125.86 peak eyed

  • 161.8% Fibo off Nov-Jan base at 122.54 is nearby, but may not matter

  • March Tokyo CPI Friday, core was -0.6% y/y in Feb, thus BOJ stasis

  • US employment report next Friday seen strong as claims plumb new depths

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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