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Japanese Yen Whipsawed Against US Dollar on Intervention Speculation
The Japanese Yen has been hit from pillar to post to start the week with the Bank of Japan (BoJ) believed to be actively selling USD/JPY, but there has not been any official confirmation at this stage. USD/JPY made a fresh 32-year peak last Friday at 151.95 before it collapsed. Today’s Japanese PMI numbers have taken a back seat to the wild price action in USD/JPY. For the record, the October Jibun Bank composite PMI was 51.7 against 51.0 previously and the manufacturing PMI was 50.7, slightly below 50.8 the prior month. The services PMI came in at 53.0, above September’s 52.2 The backdrop to this price action is ... (full story)
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