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USD/JPY has look above 153 today
Earlier today, even as the Nikkei 225 fell back, the USD/JPY lifted above the 153 handle for the first time this week. The dollar had closed in the US last night at 152.63. The high seen earlier was set at 153.09. The driver for this further gain in the dollar has come from gains in US yields. The US 10 year note is above 4.32% right now this morning, but it has been a little higher earlier. The US PPI data beating forecasts yesterday was perhaps a driver too, although many pundits and analysts do not believe this data will deter the Fed from cutting rates next week. To be honest that prospect is pretty much baked into the cake right now anyway. The further falls in the EUR/USD are also helping the USD/JPY to push higher and right now it is not so clear cut, as to which is leading the other. More usually recently, it has been the USD/JPY in terms of dollar gains, but the ECB has shifted that slightly since this time yesterday morning. The USD/JPY is currently trading at 152.87
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