USD/JPY: Offered tone with key 155–158.20 range – Societe Generale
Societe Generale’s FX team reports USD/JPY trading between 156.38 and 157.52 overnight, with the pair mildly offered on dovish New York Federal Reserve President John Williams comments and fiscal half‑end repatriation flows.
Societe Generale's FX team reported that USD/JPY traded between 156.38 and 157.52 overnight. The pair experienced mild selling pressure due to comments from New York Federal Reserve President John Williams and fiscal half-end repatriation flows. The option strike price was noted at 157.00 ($1.4bn). In contrast, AUD/USD is near two-month lows at 0.6950 in the Asian session on Wednesday, as Australian inflation data and Chinese PMI reports fail to spur further Reserve Bank of Australia rate hikes.
The Japanese Yen benefits from hawkish Bank of Japan expectations and potential intervention risks, offsetting poor domestic economic indicators. Meanwhile, gold consolidates around $4,200, while US bond yields decline, providing support to the commodity. Bitcoin hovers near $83,000 after struggling to surpass the $85,000 threshold.
Market participants await significant US macroeconomic data before adjusting their positions on the non-yielding asset.
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