⚖️💱USD/JPY, Rates Correlation Broken In The Short-Term: Cable FX Macro
- Rosbel Durán
- Nov 20, 2023
- 1 min read
**As seen In Macro Walk report 11/17/23, subscribe at cablefxm.co.uk/reports
The USD/JPY exchange rate seems to be lagging yields, the former have seen a decline over last week while the exchange rate has remained relatively stable
USD/JPY is trading heavy but a quick look to rate differentials and U.S. yields point to further downside. In fact, the cross-asset correlation in our Macro Walk report shows dollar-yen/5-year yields correlation turning negative over the last 20-days vs 100-day coefficient of +76%
If we would bet for the short-term correlation to come back while Treasury yields extend declines, we would expect USD/JPY moving closer to 145.0
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