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Jun 04 - 04:55 PM

USD/JPY - Back To The Week's Key Lows On NFPs Miss, Treasury Yield Slide

By Randolph Donney  —  Jun 04 - 02:50 PM
  • USD/JPY fell from 110+ to a 109.37 low on EBS post-payrolls nL2N2NL2K1

  • Jobs data below f/c, but decent, though a let-down from the ADP surge

  • And lack of a strong upward revision to very soft April NFPs weighed

  • Low held just above the week's low and key kijun supports at 109.33

  • Immobility of JGB yields vs falling Treasury yields the main driver

  • Belly of Tsy curve down most as Fed's longer-term rate hike path repriced

  • But yield drop disregards budding wage inflation, so far seen transitory

  • While above 109.33, consolidation is likely until Thur's U.S. CPI, ECB meet

  • Close below 109.33 could put in play 109 expiries near the cloud top

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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