USD losses against the yen are being extended today - BBH
|Research Team at BBH notes that the dollar's recent losses against the yen are being extended today as the greenback fell to almost JPY113.00, its lowest level since December 5.
Key Quotes
“In addition to the broad dollar decline today, other drivers seem to be also encouraging short-covering of previously sold yen positions. US 10-year yields are six basis points lower at 2.33%. The low point last week was almost 2.30%. Recall that the yield peaked near 2.64% in the middle of December. Also, US equities are trading lower, with the S&P are called to open around 0.5% lower. The Nikkei itself gapped lower (gap:19043-19061) and closed off 1.5%, for its biggest loss since the US election. It closed on its lows, which has not been seen since December 8.”
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