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USD/JPY popped to 121.49, USD-JPY 2-yr yield spreads lower

  • Fed waiting for data bounce before a hike, too much uncertainty to make early rate hike likely

  • USD/JPY popped to 121.49 on tape-read bids from June hike holdouts on FOMC

  • USD-JPY 2-yr yield spreads lower now since the Minutes release

  • Offers noted into 121.50-121.85 & 122, bids 121.75 & 121.60-50

  • Market Data
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