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Jul 30 - 04:55 PM

USD/JPY - By Trend Lows As Dour Claims, Fiscal Doubts Hit U.S. Yields

By Randolph Donney  —  Jul 30 - 02:45 PM
  • USD/JPY off o/n 105.30 EBS high after worrisome claims data nAPN0G1IYW

  • Data reinforce Powell's caution re weakening of recovery nW1N2DS00Q

  • Early S&Ps losses raised risk for USD-funded risk-on trades nL2N2F11CZ

  • But stocks held key support as 10-yr Tsy-JGB yield spreads hit 40-year lows

  • Dollar also dented by Trump's election delay idea nL2N2F111T

  • Likely to harden partisanship delaying fiscal backstopping bill nL2N2F038T

  • Fed's warned further fiscal stimulus is key to supporting recovery for now

  • USD/JPY oversold, but tech targets at 104.10-17 remain attractive

  • Bulls need a close above 105.68 -- July 24 low, 28 high -- to gain traction

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Source:
Refinitiv IFR Research/Market Commentary

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