USD/JPY rebounded to the early 148 yen range on short covering from position adjustments.
【8/11Market Overview
Tokyo time, as Japan is on holiday, the USD/JPY is hovering around147.60yen. In European hours, the USD/JPY fell to around147.35yen due to the decline in U.S. Treasuries for 10 years. However, after selling subsided, ahead of the CPI on1478/12 and PPI on8/128/14, and the summit of the U.S. and Russia to be held in Alaska on8/15, position adjustments led to dollar-yen buybacks. In NY time, the market heard that there was a continued unwind of speculative long yen (short USD/JPY) positions. Also, following reports that President Trump signed an executive order to extend the 90-day stop on tariffs against China, the USD/JPY rose to148.25yen.
【8/12Market Outlook
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