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29 Aug 2019

USD/JPY clings to gains above 106.50 supported by rising T-bond yields

  • 10-year US Treasury bond yield adds more than 3%.
  • US Dollar Index climbs to highest level since August 1.
  • Wall Street's main indexes gain more than 1% on risk-on flows.

After closing the previous day above the 106 mark on Wednesday, the USD/JPY pair pushed higher today as the recovering market sentiment made it difficult for safe-havens such as the JPY find demand. As of writing, the pair is trading at fresh six-day highs near 106.60, adding 0.45% on a daily basis.

Easing trade tensions boost risk-appetite

Earlier today, Gao Feng, spokesman for China's commerce ministry, said they were hoping that the Trump administration would cancel the planned tariffs to avoid an escalation in the trade conflict ahead of next round of talks in Washington, which is still unclear whether or not it will take place. Later in the day, "There is a talk scheduled for today at a different level," Trump said in an interview with Fox News Radio, confirming the ongoing communication between sides.

Boosted by these developments, the 10-year US Treasury bond yield staged a sharp recovery and looks to end the day with a gain of more than 3%. Additionally, Wall Street's three main indexes are all rising more than 1% on the day to confirm the upbeat market sentiment.

Meanwhile, the US Bureau of Economic Analysis in its second estimate said that the economy expanded by 2% in the second quarter to match analysts' estimates and provided an additional boost to the Greenback. The US Dollar Index gained traction on the back of upbeat data and rising T-bond yields and is now at its highest level since August 1 at 98.50, up 0.3% on the day.

During the Asian trading hours, unemployment rate, inflation, industrial production, and retail trade data from Japan will be looked upon for fresh impetus.

Technical levels to watch for

 

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