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USD/JPY ‘s upward trend to early to exit?- Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank suggested that it is too early to fight the upward trend.

Key Quotes:

"The recent jump in USD/JPY is important and highlights a shift in the relative fundamental outlook between the U.S. and Japan."

"It is too early to fight the upward trend; however we have not adjusted our year-end forecast for 109, implying that once the upward leg completes we would expect some easing back. Data today was generally soft with the leading index falling back to105, a drop in the all industry activity index and soft nationwide department store sales”.

“The bond market led the shift higher in USD/JPY, as the U.S. Japanese two-year yield spread rose dramatically in the June and July; while USD/JPY was relatively stable; however USD/JPY has recently caught up, warning that the currency is once again tied closely into the fundamental relative interest rate outlook."

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