SOFR: Futures Strips Block Bought

Aug-20 13:00

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Further rounds of block buying seen in SOFR futures strips in recent trade, 3.0K of the SFRU6-M7, 1....

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Jul-21 13:00

Alongside the renewed upside for energy prices on Tuesday, and the associated pressure on core global FI markets, USDJPY (+0.17%) continues to edge higher to trade within 5 pips of 162.84 cycle highs.
The energy price shock remains a headwind for yen performance, with only the Swedish krona and Swiss franc weakening more than the yen since the US-Iran conflict commenced back in Febr. Furthermore, any USDJPY shorts tied to the most recent reporting on potential tweaks to domestic savings plans and GPIF allocations could well be squeezed as we start to trade at fresh 40-year highs once again.
Former BOJ board member Makoto Sakurai recently told MNI that the BOJ will likely raise the policy interest rate to 1.25% from 1.0% in October, although a weaker yen approaching JPY165 could prompt policymakers to move as early as September. Sakurai forecasts a terminal rate of 2.0-2.5% by 2028.
It’s the cautious approach to the tightening cycle and the relatively low terminal rate forecasts that fails to spark any countering yen optimism, and these lofty levels for USDJPY might spur renewed commentary from MoF officials.
On the topside, 164.26 remains a notable target, the top of a bull channel drawn from the Feb 12 low.

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