The Japanese Yen has crumbled to its lowest level ever since 1998 against the US Dollar today. With the Fed making it clear that rates are surging, the Bank of Japan (BoJ) re-asserted its yield curve control (YCC) program on Wednesday to keep bond yields down.
Today, the 10-year Japanese Government Bond (JGB) is traded near the central bank’s upper limit of 0.25%. The bank then announced that they would add to their bond purchases within their scheduled operations.
Treasury yields continue to soar higher, with the 2-year note trading at 3.75%. The US Dollar has proceeded higher across the board. The Korean Won has crumbled harder as the nation increased the cost of yesterday’s typhoon.
The EUR/USD currency pair reached a 20-year low of 0.9874 overnight as the GBP/USD is threatening to break below the 2020 low of 1.1414, a move that would see a new 37-year nadir.
The Australian Dollar slipped today despite the 2Q quarter-on-quarter GDP forecast at 0.9% against the 0.8% previously that has been revised down to 0.7%. Annual GDP to the end of July was 3.6% instead of 3.4% anticipated and 3.3% prior. It reveals upward revisions to previous quarters in 3Q and 4Q 2021.
China’s trade data was a big miss at US$ 79.39 billion instead of the previously US$ 92.70 billion forecast and US$ 101.26 billion. The Yuan hit a 2-year low with USD/CNH trading as high as 6.9949.
Commodities were not immune from the carnage, with gold languishing under US$ 1,700 an ounce. The WTI crude oil futures contract fell to levels unseen since the beginning of the year near US$ 85 bbl. The Brent contract is around US$ 91.50 bbl.
Arab light crude prices for Asian customers were lowered yesterday by Saudi Aramco. The cut for October deliveries could be interpreted as an indication of slowing demand.
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