Fundamentally, looking at global equities, data from the US, Fedspeak and Yellen's comments, USD should be trading much higher.
Why isn't it?
1) JPY-positive flows before the end of the Japanese fiscal year
2) 'Uncertainty' of the Trump administration
3) Profit taking at 115.00 - including option defending and strong sell interest
However, I view this as an excellent opportunity to get long USD against JPY and EUR - as yield differentials, dollar shortage and border-adjustment tax will likely resume the dollar uptrend.
Furthermore, Kuroda continues to welcome a lower yen. QQE with strong yield curve control continues in Japan.
Why isn't it?
1) JPY-positive flows before the end of the Japanese fiscal year
2) 'Uncertainty' of the Trump administration
3) Profit taking at 115.00 - including option defending and strong sell interest
However, I view this as an excellent opportunity to get long USD against JPY and EUR - as yield differentials, dollar shortage and border-adjustment tax will likely resume the dollar uptrend.
Furthermore, Kuroda continues to welcome a lower yen. QQE with strong yield curve control continues in Japan.
ノート
Just had a look at yield differentials.USDJPY is tracking the yield differential between USTs and JGBs (10Y) very closely:
I firmly believe that this yield differential will rise.
This will cause USDJPY to go up, as well as JPY weakness against other G10 currencies.
ノート
Chugging along nicelyノート
Great time to add to longs at 113.35
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