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Jun 07 - 04:55 PM

USD/JPY - Dip In Treasury Yields Delays Run At 2002'S Peak Pre-CPI And Fed

By Randolph Donney  —  Jun 07 - 02:45 PM

  • Pullback in Tsy yields and stocks dragged USD/JPY off 133.00 20-yr highs

  • But pair still gained 0.45% as the yen remains the favored FX short

  • BOJ locked in NIRP and YCC leaves Tsy yields in the driver's seat

  • Tsy yields fell in curve flattening fashion after Target news nL4N2XU2A7

  • Comes after other U.S. retailers have noted inventory issues, higher costs

  • RBA's hawkish 50bp hike also sparked haven buying, but that faded in NY

  • USD/JPY has 2002's 135.20 EBS peak in sight, but also US CPI and FOMC

  • Watching 2- and 10-yr Tsy yields' ability to make new 2022 and 2018 highs

  • Major USD/JPY gains harder w/o new Fed tightening cycle highs nL1N2XU1DY

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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