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The yen takes another downward step as Treasury yields fall further


The feeling gets worse

The more the market learns about the latest covid variant, the more worried it becomes.

US 10-year rates are now down 8 basis points to 1.567%. On Wednesday alone, the Fed’s Daly dropped a bomb hinting support for a faster decline, but that could quickly be ruled out.

USD / JPY is down 68 pips to 114.67 and the Yen crosses are much lower, led by AUD / JPY which is down 108 pips to 81.83. This graphic doesn’t look pretty as it falls into a tech support abyss.

I suspect that these movements will stop without any additional information on the variant. After all, this is based on a spike in South African cases and genomic sequences of less than 100 cases.

But like I wrote today, if you’re going to panic, it’s better to panic early than panic late.

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