US FX WRAP: Dollar little changed to end the week; JPY gains after Katayama comments
Newsquawk ·
USD was little changed to end the week with mixed signals out of the Middle-East, ultimately leaving US yields higher W/W. Data was absent, meaning the focus was on geopolitics, in which US President Trump reaffirmed that Iran has requested talks, which will continue, but sounded more affirmative that the ceasefire is over. Overall, US yields move higher on Friday despite the move lower in crude prices, limiting USD downside amid the risk-on sentiment. DXY hit intraday lows of 100.60 before paring to 100.960. JPY outperformance came amid remarks from Finance Minister Katayama. She noted that they are to pursue steps to promote investment in Japanese assets by GPIF and others. Bart Wakabayashi, Tokyo branch manager at State Street Bank & Trust said that this story could really change the narrative, though it’s a six or 12 months down the road type of thing. "The sustainability of further yen buying would need to be backed by further commitment". Additionally, reports noted that the
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