The Japanese yen weakened earlier after the BOJ left monetary policy unchanged in what was Haruhiko Kuroda's last meeting as central bank governor. That saw USD/JPY move up to a high of 136.95 before keeping around 136.60-80 before slowly pushing lower in the past hour all the way down to 136.10 at the moment.
As mentioned earlier, the yen has disconnected from the bond market for a bit but it looks like we are seeing more of a corrective move now. USD/JPY has essentially erased all its gains on the day with the drop and is starting to account for the happenings in the bond market.
10-year Treasury yields are still markedly lower though, down by 10.5 bps to 3.818% currently. That still points to a market mood that is rather risk-off and perhaps with USD/JPY starting to be on the move, it could trigger other major currencies to do the same.
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March 10, 2023 at 03:21PM
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USD/JPY starts to correct lower in European morning trade - ForexLive
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