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03.07.26 - 09:30
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Yen Isn′t Behaving Like a G10 Currency, Mizuho Says (Bloomberg)
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Jordan Rochester, Mizuho FICC strategy EMEA head, discusses sharp moves in the yen. "From all the frameworks, dollar-yen should be lower," he tells Bloomberg Television. He adds there has been a change in behaviors in the Japanese space and the yen is not behaving like a G10 currency. "It trades like an EM in terms of its correlation to rates," Rochester says. (Source: Bloomberg)...
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02.07.26 - 17:48
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Yen Surges As Jittery Traders Expect Imminent Intervention After Japan Reveals New Strategy To Wipe Out Shorts (ZeroHedge)
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Yen Surges As Jittery Traders Expect Imminent Intervention After Japan Reveals New Strategy To Wipe Out Shorts
After plunging to a fresh 40 year low overnight, the yen strengthened sharply against the dollar amid rising speculation that the currency's continued weakness may prompt a fresh round of intervention by Japan. The yen then surged again after the June US jobs report showed a much weaker picture than expected.
But let's focus on the first, more unexplained move, which took place just after 2:30am ET, when the Yen rose as much as 1% against the greenback, the most since Japan intervened on April 30. The currency later trimmed the advance, before surging again after the jobs report. Earlier in the week, the yen touched its weakest versus the dollar since 1986.
Traders were already on edge ahead of both the jobs report and the Friday holiday in the US, which creates thin trading conditions that would likely amplify the impact of any yen intervention.
“Liquidity is expected to decline...
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