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Jun 02 - 04:55 PM

USD/JPY - Bulls Fight Uphill Battle Without Treasury Yield Support

By Randolph Donney  —  Jun 02 - 02:37 PM
  • USD/JPY back by flat after 109.88 EBS high was undone by Tsy yield drop

  • Beige Book affirmed price pressures, supply-demand imbalance, but no help

  • Mediocre jobs growth the main worry headed into Thu-Fri jobs reports

  • Fed not inclined to taper or tighten until unemployment falls much further

  • And is looking through "transitory" medium-term inflation rise

  • USD/JPY still above Tuesday's pivotal 109.33 low, kijun at 109.27

  • Also have large 109 and 110 expiries on Thursday, vols fairly subdued

  • Bulls need Treasury yields to rise after key data nL2N2NK1JN

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Refinitiv IFR Research/Market Commentary


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