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U.S. Dollar Trades Above 150 Yen And Truss Gets No Reprieve

China and Japan continue to struggle to stabilize their currencies, while global interest rates rise. The has fallen to new lows but in late dealings the onshore and offshore yuan have recovered. The also traded above 150 150 for the first time since 1990 and the market knows it is on thin ice as with the threat of official intervention. A risk-off mood permeates.

Equity markets have retreated in the Asia Pacific region and Europe. US futures are also trading lower. Benchmark 10-yields are 1-3 bp higher in Europe, and US Treasury yield reached a new high around 4.17% before steadying. The greenback is mixed. Among the G10 currencies, the and dollars are firmer, while , the , and are nursing small losses. Emerging market currencies are also mixed. Central Europe is outperforming East Asia.

recorded a new low for the month near $1622.50 before catching a bid. Initial resistance is seen near $1640. December extended…

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