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Daily Insights 

May 26, 2015

USD/JPY at a six-month high

  • The USD is gaining momentum again relative to other majors, notably the JPY. USD/JPY broke through 122.0, the upper bound of its trading range in the past six months. EUR/USD is close to a month low as the prospect of tighter Fed policy contrasts with lower bunds yields and increased concerns about Greece. 10y bund yields are edging lower after failing to break below 0.6% over the past two weeks. In addition, the Greek political saga is in the spotlight and weighs on EUR as the 5 June deadline for payments to the IMF approaches. We think the policy commitments needed for a Greek program may be achieved only after some form of government crisis serves as a catalyst for political change.
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