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May 28 - 01:55 PM

USD/JPY - CORRECTED-BUZZ-USD/JPY Uptrend Stalls, Props By 156.50/00, As Key US Data Awaited

By Randolph Donney  —  May 28 - 09:40 AM

Removes duplicative word from headline

  • USD/JPY is down 0.19% and inside Thur's 156.53-7.19 for a third day

  • That day's lows are backstopped by the 10-DMA and kijun at 156.27/05

  • As well as the May 22 low at 156.12 and ongoing option expiries at 156

  • Last week's strong US S&P PMI couldn't keep Tsy ylds, USD up this week

  • Dollar broadly softer since last Thur, with Tsy-JGB ylds spreads weaker

  • Those spreads remain attractive and spec bought last Tues-Tues's dip

  • US house prices came in softer than expected, signs high rates hitting

  • Have May consumer confidence and more Fed speakers due today

  • But Fri's PCE data is well awaited, if also well informed by prior data

  • Core PCE is f/c again up 0.3% m/m and 2.8% y/y; not big news if on f/c

  • Might have to wait for next week's ISMs, JOLTS and NFP for major news

  • Fed not highly favored to cut until Nov. 7, after US election

  • BoJ priced to hike 10bp in July and Oct, 26bp by year-end

  • But Japan CPI, underlying and corporate inflation data remain mixed

  • Not a glaring green light for rapid tightening other than for yen support

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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