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24 Mar 2025

USD/JPY is up near technical resistance at 150.00 – BBH

Japanese Yen (JPY) is underperforming most major currencies and USD/JPY is up near technical resistance at 150.00, BBH's FX analysts report.

BoJ is unlikely to tighten the policy by more than is currently priced

"Private sector activity in Japan deteriorated in March. The composite PMI fell from a six-month high of 52.0 in February to 48.5 in March, to signal a renewed reduction in business activity. The services PMI fell to a three-year low at 49.5 vs. 53.7 in February and the manufacturing PMI plunged to a multi-year low at 48.5 vs. 52.0 in February."

"Meanwhile, Japan Finance Minister Katsunobu Kato cautioned that 'Japan has not overcome deflation'. Kato pointed out that rising prices are still being driven by a weak yen and high commodity costs rather than a virtuous cycle of rising wages and consumer demand."

"Bank of Japan (BoJ) is unlikely to tighten the policy by more than is currently priced which is a headwind for JPY. The swaps market continues to imply less than 50bps of rate hikes over the next twelve months."

Mar 24, 2025

Oil: Inability to overcome $72.75 can lead to persistence in decline – Societe Generale

Brent recently revisited the low of last September at $68.70 resulting in a brief rebound, Societe Generale's FX analysts report.
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Mar 24, 2025

AUD/USD is consolidating above 0.6258 – BBH

AUD/USD is consolidating above last week’s lows near 0.6258, BBH's FX analysts report.
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