Starting work at 5:30 am is for the birds. Stoopid UK holiday…
I’m at a loss to find anything interesting to say amid quiet afternoon markets. Equities remain under pressure and bond yields are near their lows as markets unwind Friday’s price action.
The timid measures by the BOJ to try and weaken the JPY have cost that pair much of last week’s gains and put the focus on stops building below 84.20. Japan should have followed up the policy shirt with an aggressive round of intervention but failed to pull the trigger, emboldening the dollar bears once more.
So far, bids from hedge funds continue to limit USD/JPY losses. They’ve been buying for better than a week with out too much to show for it…
