AUD/USD Eyes Economic Data as RBA Hike Bets Increase

Australian Dollar Fundamental Forecast: Bullish

  • Aussie Dollar underpinned by commodity prices and rebounding sentiment
  • March PMI data shows Australia’s economic recovery is strengthening
  • RBA rate hike bets key to AUD/USD’s direction as potential risks linger

The Australian Dollar has been on a tear versus most of its major peers in recent weeks, boosted by rising commodity prices and a rebound in market sentiment. Upbeat domestic economic data has also helped to lift the Aussie Dollar. Last week, Australia’s March purchasing managers’ index (PMI) for the manufacturing and services sectors showed that the post-lockdown economy continues to improve.

That momentum will likely carry on as the economy continues to advance after Australia removed the brunt of Covid restrictions over the last few months, resulting in acute labor market growth. The upcoming week will see February’s preliminary retail sales figures cross the wires. Building permits for February and a Markit manufacturing PMI print for March will follow later in the week. Analysts expect to see that PMI figure rise to 57.3 from 57.0, according to a Bloomberg survey.

A better-than-expected set of data would likely fuel already rising rate hike bets for the Reserve Bank of Australia (RBA), benefiting AUD further. Alternatively, disappointing data could halt AUD’s recent rally. A reversal in market sentiment would also weigh on the risk-sensitive currency, which could be induced by an escalation in Ukraine or an uptick in Covid cases in China. The 2022-2023 budget is also set to be presented on March 29 and could have an impact on the RBA’s outlook. The chart below displays the RBA’s implied policy rate for the December 2022 meeting measured by cash rate futures, currently pricing in around 150 basis points of tightening.

audusd vs rba implied policy rate

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— Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwater on Twitter



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3 Key Tips to Becoming A Successful Trader

Ask an experienced trader about mistakes she’s made in the market, and she’ll probably be able to point to a bunch of them and to the scars that help her remember how to avoid them in the future. There’s the improvisation approach – a trader who hears an idea from a financial commentator on TV and decides to buy on impulse. Big mistake. Traders need a strategy and a plan.

Bottom fishing is another common trading mistake. The problem with investing in assets that look like they are at rock-bottom and can’t go cheaper, is that they often do go cheaper, or hover at a low point for a long, long time. Another trading trap is falling in love with your asset. No matter how smart the CEO of the company whose stock you hold, or how glittery that gold, successful traders know when they hit their stop, or designated selling point, it’s time to sell.

The single most important mistake that leads traders to lose money starts with psychology.

Vonetta Logan, a trader, host of tastytrade’s dailydose and Second City trained comedian known for her satirical view of the news affecting the financial space looks at why human psychology can make it tough to navigate markets. She talks about how we are our own worst enemies. We all know financial markets are dominated by uncertainty and risk. We also know that the mostcommon mistakes traders make have to do with poor risk management strategies.

Traders are often correct on the direction of a market. The problem lies is in how much profit is made when they are right versus how much they lose when wrong. In other words, traders tend to make less on winning trades than they lose on losing trades.

The core concept is simple yet profound: most people make economic decisions not on expected utility but on their attitudes towards winning and losing. That negative feeling you experience from a $500 loss can be substantially more than the positive feeling you experience from a $500 gain. Simply put, we take more pain from loss than pleasure from gain.

In practice, you need to find a way to straighten that utility curve—treat equivalent gains and losses as offsetting and thus become purely rational decision-makers.

In general, there are three tips traders should understand to increase their chances of success.

1. Get comfortable with the face that losing is a part of trading.

2. Set stop loss and limits to define your risk ahead of time.

3. Aim to achieve proper risk reward ratios when planning out trades.

Learn more by downloading our guide, Traits of Successful Traders.



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GBP/JPY Spiral to Continue Into Month-End

GBP/USDFUNDAMENTAL HIGHLIGHTS:

  • Bank of England Rate Expectations Remain Far Too Aggressive
  • GBP/JPY Rise to Persist in Month End

The recent dovish BoE rate hike, in which the Bank voted in an 8-1 split to hike 25bps. The Pound alongside rate expectations remain supported. However, while the lone dissenter who voted for the Bank Rate to be left unchanged grabbed market participants’ attention, there was also a notable change in the forward guidance.

February statementSome further modest tightening in monetary policy “is likely” to be appropriate in the coming months

March statementSome further modest tightening in monetary policy “may” be appropriate in the coming months

This in turn suggests that the BoE could be soon approaching a pause in the hiking cycle and adopt a wait and see approach. This takes into account the more cautious view on the UK’s growth outlook in light of the escalation of geopolitical tensions. As such, while money markets price in over 75bps worth of hikes in the next three policy meetings there is a risk the Bank pauses at 1%. Keep in mind that with a bank rate at 1%, the BoE will have an additional option to tighten monetary policy through active selling of gilts.

BoE Rate Expectations

GBP/USD Weekly Forecast: GBP/JPY Spiral to Continue Into Month-End

Source: Refinitiv

What does this mean for GBP?

Now while a re-pricing lower would weigh on the Pound. It is worth highlighting that market participants have been reducing their exposure in GBP even in the lead up to the prior BoE meeting. Meanwhile, asset managers (real money funds) are holding a sizeable short position in the Pound, which may in fact provide a tailwind for the currency should geopolitical tensions ease. That said, aside from short term volatility from a re-pricing lower in rate expectations, the bigger driver for the Pound will be the Russian-Ukraine conflict. Although, the Pound may well struggle on the crosses vs currencies backed by hawkish central banks (CAD, NZD).

The Need to Know Complete Guide on Trading the Pound (GBP)

Looking ahead to next week, with little on the domestic front, the ebb and flow of risk appetite will dictate price action for the Pound. Meanwhile, upside is likely to persist for GBP/JPY heading into month-end. Now while the S&P 500 is up just over 3% month to date, as I have highlighted previously when the S&P 500 is up near 5% MTD, GBP/JPY has typically risen on the final trading day of the month.



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Exclusive-Battered Russia bonds a risk too far, says distressed debt fund Gramercy By Reuters

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© Reuters. FILE PHOTO: The skyscrapers of the Moscow International Business Centre, also known as “Moskva-City”, are seen just after sunset in Moscow, Russia July 12, 2018. REUTERS/Christian Hartmann

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By Tommy Wilkes

LONDON (Reuters) – Distressed debt hedge fund Gramercy, which made a killing on Russian bonds after the 1998 crisis and has taken on Argentina and Venezuela over defaulted debt, says a bet on Russia now is too big a risk even with bonds trading at a tenth of face value.

Robert Koenigsberger, whose first trade as founder of Gramercy in 1998 was scooping up battered Russian bonds, said Moscow had shown a surprising willingness to service external debts despite sanctions imposed over its actions in Ukraine.

But Russia’s capacity to pay is running out of road as systems for settling and clearing trades and transferring bond ownership titles break down, Koenigsberger told Reuters.

“If I go call my clients and say country A is in default and it’s trading at 25 cents and I think it’s worth 50 – great. I’ll take a look at it.

“Try telling the same story on Russia. Nine out of 10 would say no and the tenth would say ‘hell, no’,” the chief investment officer of the $5.5 billion fund said in an interview.

Russia calls its Feb. 24 invasion a “special military operation” to disarm Ukraine, while Kyiv and the West say it is an unprovoked war of aggression.

Prices on some Russian bonds that had been languishing at around 10 cents on the dollar quadrupled in recent days after the country paid coupons and swerved a default. Russia’s 2043 bond for instance briefly hit 45 cents, up from 12 cents on March 8.

Those payments were possible due to a temporary U.S. licence authorising U.S. persons to receive payments on securities from certain sanctioned Russian government entities.

That exemption runs out on May 25, leaving in the balance nearly $2 billion in sovereign bond payments due until end-2022.

While that deadline could be flexible, Koenigsberger reckons Russia will find it increasingly difficult to pay. Sanctions have also immobilised much of Russia’s reserves warchest.

“What percentage of their debt service capability is tied up in other people’s hands? I can’t remember a time in history where there’s been a negotiation of reparations where the side that is wanting to get paid is holding the cash,” he said.

Gramercy is one of the best known among a breed of investors which specialise in buying beaten-up bonds and betting prices will recover or that they can take governments to court and win lengthy recovery battles.

Koenigsberger did not rule out ever buying Russian bonds, noting that Russia was forced in 1996 to settle pre-Revolution debt from the early 1900s before it could issue its first post-Soviet-era international bond.

“Russia might disappear for a long period of time but I would never say that the asset is worthless. The claim cannot be wiped out. But right now you would be buying a perpetual call option, not necessarily a bond,” Koenigsberger said.

Russia will be ejected from major bond and stock indexes as of March 31, meaning investors may write down the value of their holdings to zero or try to offload them to anyone who will buy.

“You’re going to see lower prices [on Russian bonds],” he said, predicting more forced selling.

BUYING UKRAINE

Gramercy has instead been buying Ukrainian dollar bonds, paying prices in the low 20 cents on the dollar.

Koenigsberger said it would look to exit in the high 30s or low 40s ahead of a formal debt restructuring that he expected would see the bonds written down by 50%, in line with past such deals involving Western creditors in Eastern Europe.

“Ukraine will be massively supported by the West throughout and on the other side of this. That being said, I would expect that there will be a quid pro quo for that support,” Koenigsberger added.

Ukraine’s 2040 bond traded on Friday around 24 cents on the dollar, up from lows of 13 cents earlier this month.

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Heavy Sell-Off Stalls Ahead of Multi-Week Support

USD/CAD Price, Chart, and Analysis

  • The Loonie continues to benefit from a red-hot oil complex.
  • The move lower is stalling ahead of strong support.

For a list of all market-moving data releases and events see the DailyFX Economic Calendar

The drift lower today in oil has taken the heat out of the recent Canadian dollar outperformance but the overall, and likely ongoing, strength in the oil market will continue to brace the Loonie in the weeks ahead. The Canadian dollar has also been boosted by the rise in short-term Canadian bond yields as the market prices in future interest rate hikes by the Bank of Canada.

USD/CAD Forecast: Heavy Sell-Off Stalls Ahead of Multi-Week Support

The latest look at market expectations for further Canadian rate hikes show an unbroken series of rate increases all the way through to the end of the year, underpinning the currency further.

USD/CAD Forecast: Heavy Sell-Off Stalls Ahead of Multi-Week Support

The daily USD/CAD chart shows the extent of the Canadian dollar’s outperformance against its neighbor over the last two weeks. The slide below all three simple moving averages suggests that this move may have more to go in the medium-term although support around 1.2450 will likely hold at least the first attempt. The CCI indicator shows the pair in oversold territory and this needs to be washed out before the pair can attempt to move lower. It is likely that the pair will consolidate around current levels before making the next move.

USDCAD Daily Price Chart March 25, 2022

USD/CAD Forecast: Heavy Sell-Off Stalls Ahead of Multi-Week Support

Retail trader data show 68.90% of traders are net-long with the ratio of traders long to short at 2.22 to 1. The number of traders net-long is 5.02% lower than yesterday and 14.75% higher from last week, while the number of traders net-short is 3.66% lower than yesterday and 7.48% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall.

Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USD/CAD trading bias.

What is your view on theUSDCAD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.



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AUD/USD Risks Tilted Towards Further Gains

Australian Dollar Analysis and Talking Points

  • Australian Dollar to Find Support on Dips
  • IG Client Sentiment Remains Bullish for the Aussie

Australian Dollar to Find Support on Dips

The Australian Dollar goes from strength to strength as firmer commodity prices underpins. This has somewhat shielded the currency from the recent geopolitical tensions and the increased hawkishness from the Federal Reserve. What’s more, with Australia experiencing a strong balance of payment position, supported by record trade surpluses, this further adds to support for the currency. As such, the outlook for the Aussie remains bullish where dips will likely to find support. This will be particularly the case given that the RBA appears to be further behind the curve on the inflation front relative to its counterparts. With the AUDUSD breaking above the 0.7500 handle, eyes are geared towards a test of 0.7800 in the medium term.

IG Client Sentiment: AUD/USD

Data shows 35.59% of traders are net-long with the ratio of traders short to long at 1.81 to 1. The number of traders net-long is 0.72% higher than yesterday and 15.99% lower from last week, while the number of traders net-short is 2.35% higher than yesterday and 23.90% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUD/USD prices may continue to rise.

Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUD/USD-bullish contrarian trading bias.

AUD/USD Chart: Daily Time Frame

Australian Dollar Forecast: AUD/USD Risks Tilted Towards Further Gains

Source: Refinitiv



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BoJ Favors Yen Weakness, Bull Run to Continue

Japanese Yen, USD/JPY News and Analysis

  • BoJ Governor Kuroda favors yen appreciation despite expressing caution around the drawbacks
  • USD/JPY to rise further on the back of comments, 125 in sight
  • IG client sentiment remains heavily net-short but signs of short covering emerge

BoJ’s Kuroda Favors Yen Weakness

The Bank of Japan’s Governor Kuroda mentioned that a weak yen pushes up the value of Japan firm’s profits earned overseas, which helps boost capital expenditure and wages. He continued to state that the weak yen is positive for the Japanese economy as a whole.

Concerns were raised that the benefits of the yen weakness could be uneven across industries and that a weak yen negatively impacts household’s real income and firms that are reliant on imports. On the whole, the comments have been viewed in a positive light with regard to the current USD/JPY bull run despite the pullback.

Key USD/JPY Technical Levels

Ever since breaking above 116, USD/JPY has soared as Japan’s terms of trade worsen due to rising raw material and commodity prices. 120 was surpassed with ease before breaching 121.85. This morning we have witnessed a pullback which could be representative of profit taking and appears to present an opportunity to re-enter the bullish trend from lower levels. The pair is coming back from oversold conditions which could signal that further room to the upside may become available.

A break and close on the daily chart above 121.85 would see 124.15 appear as resistance. Support seems quite a distance away at 120.

USD/JPY Daily Chart

USD/JPY Price Forecast: BoJ Favors Yen Weakness, Bull Run to Continue

Source: TradingView, prepared by Richard Snow

The monthly chart helps identify the potential level of resistance with respect to the recent bullish momentum. A conservative approach would be to look at the 124.15 level ahead of the psychological 125.00 level which may prove a stretch too far.

USD/JPY Monthly Chart

USD/JPY Price Forecast: BoJ Favors Yen Weakness, Bull Run to Continue

Source: TradingView, prepared by Richard Snow

Client Sentiment Mixed, as Signs of Short Covering Emerge

It is an unfortunate observation that retail clients, on aggregate, appear to fight trends in search of reversals. Such a conclusion can be reached when analyzing strong trending markets against retail client sentiment and the current uptrend in USD/JPY is no different. Take a look at the guide below for more insights on how to interpret consumer sentiment.

Traders are way more net-short than net-long (3.5 times more) but developments over the last week as net-longs pick up, suggest we could start to see the gap closing. With clients heavily short, rising prices may cause traders to ‘buy to close’ – resulting in an increase in longs.

USD/JPY Price Forecast: BoJ Favors Yen Weakness, Bull Run to Continue

  • USD/JPY: Retail trader data shows 21.39% of traders are net-long with the ratio of traders short to long at 3.67 to 1.
  • The number of traders net-long is 4.08% lower than yesterday and 4.17% higher from last week, while the number of traders net-short is 0.68% higher than yesterday and 0.48% higher from last week.
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
  • Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USD/JPY trading bias.

— Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX



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Dollar Lower, Yen Gains; Central Bank Actions in Focus By Investing.com



By Peter Nurse

Investing.com – The U.S. dollar edged lower Friday, with the much-battered Japanese yen seeing some respite, at the end of a week which has seen rising expectations of a faster Federal Reserve tightening cycle. 

At 4:15 AM ET (0815 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% lower at 98.655.

The dollar has seen buying this week as a number of Federal Reserve policymakers have lined up to signal that the central bank is prepared to take strong action to combat inflation at 40-year highs.

The Fed raised the benchmark lending rate by a quarter point at their meeting last week, the first increase since December 2018, and expectations are rising that the U.S. central bank will hike by a more aggressive 50 basis points when it next meets.

We think the market “is inching closer to pricing in 100bp of rate hikes by the Federal Reserve at the next two meetings,” said analysts at ING, in a note.

U.S. benchmark yields were last seen trading at 2.36%, not far removed from the highest level since 2019, providing support for the dollar.

Goldman Sachs raised its forecasts on U.S. Treasury yields for this year, given this hawkish pivot by the Federal Reserve. The influential investment bank now expects benchmark 10-year yields to rise to 2.7% by year-end, up from its previous forecast of 2.25%. 

fell 0.6% to 121.65, falling back from a six-year high, following the lack of intervention from the Bank of Japan when selling pushed its government bond yields close to its 0.25% target, climbing 3 basis points to a six-year high of 0.24%.

While this lack of intervention hinted at policy flexibility, the yield differential still suggests the USD/JPY has further to climb.

Elsewhere, rose 0.1% to 1.1012, helped by falling European prices with a deal between President Joe Biden and the European Union paved the way for more imports from the U.S. to reduce the bloc’s reliance on Russian energy expected to be announced on Friday. 

“The underlying tone has firmed somewhat and EUR could edge higher today,” said foreign exchange strategists at UOB Group, “However, any advance is expected to face solid resistance at 1.1045. Support is at 1.0985 followed by 1.0965.”

fell 0.1% to 1.3175 after British unexpectedly falling 0.3% in February from January, compared with the expected 0.6% monthly rise.

British inflation rose to a new 30-year high of 6.2% last month, at the very top end of expectations, and this drop in retail sales is unlikely to cause the Bank of England to stop its rate-hiking cycle.

dropped 0.1% to 0.7507, fell 0.1% to 0.6958, both handing back a small portion of their recent gains, while edged lower to 6.3656.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Dollar Down, Yen Remains Friendless Over High Import Costs, Low Interest Rates By Investing.com


© Reuters.

By Gina Lee

Investing.com – The dollar was down on Friday morning in Asia, and the Japanese yen was set for its worst week in two years. Rising import costs and low interest rates contributed to the yen’s downward trend, but commodity currencies were set for a second consecutive weekly gain on the dollar as export prices continue to soar.

The that tracks the greenback against a basket of other currencies was down 0.26% to 98.540 by 11:43 PM ET (3:43 AM GMT).

The pair fell 0.61% to 121.58. released earlier in the day showed that the for March 2022 grew 1.3%, and the grew 0.8%, year-on-year. The also grew 0.2% month-on-month.

The pair inched up 0.08% to 0.7518 and the pair inched up 0.06% to 0.6969.

The pair inched down 0.1% to 6.3616 while the pair edged up 0.19% to 1.3208.

Concerns that rising energy and food costs stemming from Russia’s invasion of Ukraine on Feb. 24 could hurt the European economy continue. The euro has been slightly softer throughout the week and was pinned at $1.1005.

Australia, an exporter of both energy and food, was one beneficiary of rising costs and the Aussie recorded a second consecutive weekly rise of more than 1%.

However, the yen has dropped 2.6% against the dollar for the week, falling past the 120 mark and eyeing a test of major resistance around 123.70. It has lost nearly 6% through March 2022 to date and dropped some 8% against the Australian dollar in eight sessions.

The latest fall was triggered by hawkish remarks from U.S. Federal Reserve Chairman Jerome Powell earlier in the week that also drove a surge in U.S. yields. The Bank of Japan (BOJ) has, for its part, stuck to a more dovish tone than the Fed, but some investors warned that, at a six-year low, the yen is falling towards some uncomfortable depths.

“One thing to watch for in dollar/yen is pushback from policymakers in Japan,” Spectra Markets trader and president Donnelly told Reuters.

I’m not sure we’re quite there yet, but the 123.50/125.00 level is almost certain to attract some attention and generate headlines from either Japanese Prime Minister Fumio Kishida or Minister of Finance Shunichi Suzuki. Pushback could also come from BOJ Governor Haruhiko Kuroda,” he said.

Recent movements in the bond market are also putting central banks between a rock and a hard place. Defending a challenge to yield curve control could further weaken the yen. The yield on 10-year Japanese government bonds hit 0.235% on Friday, near its 0.25% upper limit.

The Russian rouble traded firmly in Thursday’s European session after President Vladimir Putin vowed to start selling gas to “unfriendly” countries in the currency. However, it lost some of these gains in thin offshore trade and last traded at 102 per dollar.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Friendless yen faces third straight week of decline By Reuters


© Reuters. FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee

By Tom Westbrook

SINGAPORE (Reuters) – The yen was headed for its worst week in two years on Friday, pummelled by Japan’s rising import costs and low interest rates, while commodity currencies were set for a second consecutive weekly gain on the dollar as export prices remain elevated.

The euro has been slightly softer this week and was pinned at $1.1005 by concern that conflict in Ukraine will hurt Europe’s economy by raising energy and food costs.

Australia is an exporter of both and rising prices have helped the local dollar to a second weekly rise of more than 1% in a row. The was last steady at $0.7508, just below an overnight four-month high of $0.7527.

The yen, by contrast, is breaking down and has shed 2.6% against the greenback for the week. It has fallen past the psychological 120-per-dollar barrier and, at 122.44, is eyeing a test of major resistance around 123.70.

It has lost nearly 6% through March and been smoked even harder on crosses, losing some 8% against a resurgent Aussie in just eight sessions.

The latest leg of the tumble was triggered by hawkish remarks from Federal Reserve Chair Jerome Powell this week, and a subsequent rip higher in U.S. yields.

The Bank of Japan (BOJ) has also stuck, by contrast, to a dovish tone, though some traders are starting to think that, at a six-year low, the yen is plumbing some uncomfortable depths.

“One thing to watch for in dollar/yen is pushback from policymakers in Japan,” said Donnelly, trader and president at analytics firm Spectra Markets.

“I’m not sure we’re quite there yet, but the 123.50/125.00 level is almost certain to attract some attention and generate headlines from either PM (Fumio) Kishida or FinMin (Shunichi)Suzuki,” he said.

“Pushback could also come from BoJ (Governor Haruhiko) Kuroda.”

The bond market is also putting policymakers between a rock and a hard place by bringing on a challenge to yield curve control, which if defended could further weaken the yen.

The yield on 10-year Japanese government bonds hit 0.235% on Friday, close to its upper limit of 0.25%.

Inflation is yet another pressure point, and core consumer prices in Tokyo have logged their fastest annual increase in more than two years this month, data showed on Friday.

Elsewhere gains in commodity prices have supported the New Zealand dollar, though it has run into stiff resistance just short of $0.70 and was last at $0.6964. [NZD/]

Sterling hovered at $1.3190 as traders weigh a cautiously dovish outlook from the Bank of England against February data that showed higher-than-expected inflation. [GBP/]

Russia’s rouble traded firmly in Moscow overnight following Russian President Vladimir Putin’s vow to start selling gas to “unfriendly” countries in roubles, but it handed back some gains in thin offshore trade.

It was last at 102.00 per dollar.

========================================================

Currency bid prices at 0034 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.1009 $1.0998 +0.10% -3.16% +1.1011 +1.0995

Dollar/Yen

122.1400 122.3150 +0.09% +0.00% +122.4300 +122.3500

Euro/Yen

134.46 134.56 -0.07% +3.18% +134.7400 +134.2700

Dollar/Swiss

0.9281 0.9301 -0.19% +1.77% +0.9302 +0.9279

Sterling/Dollar

1.3193 1.3188 +0.02% -2.47% +1.3198 +1.3189

Dollar/Canadian

1.2536 1.2526 +0.09% -0.84% +1.2538 +1.2518

Aussie/Dollar

0.7510 0.7514 -0.04% +3.32% +0.7518 +0.7504

NZ

Dollar/Dollar 0.6964 0.6965 +0.01% +1.76% +0.6966 +0.6958

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

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