USD/JPY

USD/JPY: Back above 88.00 despite lower US yields

Yet another staple FX market correlation, US yields and USD/JPY, seems to be getting completely ignored with 10-year yields falling below 1.85% in overnight trade yet USD/JPY rallying by over 100 pips through the day. Optionality at 88.50 and above looks like it will now prove magnetic.

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