The Japanese Yen is comfortable, down 0.2% in opposition to the US Greenback (USD) and underperforming many of the G10 currencies together with AUD and NZD, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
CFTC information reveal liquidation of JPY longs
“Home releases have been restricted and yield spreads stay regular, providing little when it comes to basic drivers. The market tone can also be missing when it comes to readability, suggesting that the most recent pullback in JPY is more likely to be pushed by market positioning.”
“The newest CFTC information revealed a continued erosion within the bullish JPY place, which has been steadily declining since April. Close to-term threat lies with the Q2 GDP and industrial manufacturing releases later this week.”
