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May 21 - 01:55 PM

USD/JPY - COMMENT-USD/JPY Consolidates, US Yield Dip Offers Yen Reprieve

By Justin Mcqueen  —  May 21 - 01:05 PM

USD/JPY traded flat in another session of consolidation on Tuesday, with low volatility keeping long carry popular and maintaining an upward bias for the dollar against the yen.

While there have been modest attempts by USD/JPY to drift higher to test the May 14 high at 156.80, a dip in U.S. yields has acted as a drag on the pair.

Closely watched Federal Reserve official Christopher Waller reiterated that several more months of good inflation data will be needed before being comfortable to support easing.

Though cautious, the comments had a limited impact on Fed pricing, which continues to hold around pre-U.S.
CPI levels at 42bps, down from last week’s peak of 52bps 0#FEDWATCH.

All told, the Fed’s patience is another factor that will keep risk appetite underpinned and by extension the path of least resistance remains on the upside for USD/JPY.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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