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USD/JPY takes on 110 handle for first time since May


Tuesday, 14 January 2020 09:11 WIB

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USD/JPY has just taken on the 110 handle and printed a fresh high within the longer-term bull recovery at 110.12. Traders are selling the yen in the face of renewed optimism for global growth prospects for 2020 on the notion that a US and Chinese trade deal will be positive for markets.

Overnight, USD/JPY extended its Asian session gains to a high of 109.94, a high since May 2019, in line with positive risk appetite. Overnight,  there were reports that the US Treasury will remove China from its list of currency manipulators ahead of this week’s trade deal being signed. This boosted the US dollar and yields as well as US stocks.

The US 2-year Treasury yields edged up to 1.585% (from 1.57%) and a mild curve steepening allowed 10-year yields to test 1.85% (from 1.82%). "Fed funds futures implied a slight (1bp) rise in implied yields across the curve with the implied terminal rates up to 1.33% in early 2021, analysts at Westpac noted.

Source : FXStreet


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