The yen's surge may be easing. It made a new marginal high in Asia, but has not been able to sustain it Technically, a hammer candlestick pattern may be traced out by the greenback's recovery today. Supporting the greenback is the movement in interest rate differentials. The US 10-year premium over Japan has widened by nearly 10 bp since last Thursday. Near 184 bp, it is the widest this month. The two-year premium has also widened at 96 bp. It is also the widest this month. The healthier appetite for risk, reflected in the three-day 2% rally in the MSCI emerging market equity index and the rally to new ... READ MORE
