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USD/JPY lifts to session highs above 157.40 as US yields rise
The wider market impact of that US ECI number has been seen across the precious metals sector, stocks and the dollar. Gold has fallen to just below the noted support at $2,305 and the USD/JPY has just now risen to its best levels of the day, above 157.40. The catalyst for all those moves is the ECI data and the driver has been a push higher in US treasury yields. The 2 Year note is now above 5% again and that is especially impacting gold and the Yen in a negative way. Of course the FX markets are very wary of another round of BOJ intervention, but at the same time the fundamentals support the dollar moving higher. The USD/JPY is currently trading at 157.42
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