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The Japanese Yen gains against the Greenback while US markets are closed. 30-year bond auction went smoothly despite concerns about the end of bond buying.   The US Dollar Index took a hit on easing US economic data and traders softer, just above 105.00 The Japanese Yen (JPY) strengthens to around 161.00 against the US Dollar (USD) on Thursday while the US markets are  closed for a public holiday. The move comes after a 30-year sovereign Japanese bond auction went extremely smoothly, while markets were concerned the government would have issues allocating it, with traders still concerned about the Bank of Japan (BoJ) ending its bond-buying program. Some positive news thus for the Japanese Yen which is trading higher against the US Dollar.  Meanwhile, the US Dollar Index (DXY) – which gauges the value of the US Dollar against a basket of six foreign currencies – took a hit on Wednesday with a very packed economic data calendar.. The main takeaway from all data was that nearly every data point came in a softer or below consensus view, which points to the US economy starting to slow down.  Daily digest market movers: Policy tweaking Bloomberg reports on a piece from RBC BlueBay Asset Management that sees a risk that the Bank of Japan could announce a bigger reduction in its bond purchases than markets expect. Add in there another rate hike, and a double whammy of hawkish forces could trigger a firmly higher Japanese Yen.  Swap traders see swap rates on forward contracts swing higher, pointing to a higher possibility for another rate hike on July 31. The surge in swap points started on June 18, when Governor Kazuo Ueda alluded that another rate hike is in the cards.  Equities are in the green across the board, led by the Japanese…

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Filed under: News - @ July 5, 2024 12:22 am