# USD/JPY hits 19-day low despite steepening of US yield curve - Forex Crunch

> USD/JPY traded at 19-day lows below 108.70 as the yen drew bids despite a steepening US Treasury yield curve. Markets sold dollars amid continued de-escalation of US-China trade tensions, and China's December manufacturing PMI printed above 50 for a second month.

- Date: 2019-12-31 · published 2019-12-31T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/55795-usd-jpy-hits-19-day-low-despite-steepening-of-us-yield-curve-forex-crunch
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar and improving China growth outlook support commodity demand and dollar-denominated feed prices, though the move is currency-driven rather than a direct supply change.

## Read by commodity

- DXY: bearish ▼
- USDJPY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-12-31 | [USD/JPY consolidates near three-week lows, around 108.70 - Forex Crunch](https://feedsoft.ai/events/55797-usd-jpy-consolidates-near-three-week-lows-around-108-70-forex-crunch.md) | +0.2% | +0.6% |
| DXY | 2017-01-31 | [Trump Trouble: USD/JPY remains on the back foot - Forex Crunch](https://feedsoft.ai/events/73229-trump-trouble-usd-jpy-remains-on-the-back-foot-forex-crunch.md) | -0.6% | -0.6% |
| DXY | 2020-10-09 | [USD/CNY catch-up may have more to go - MUFG - Forex Crunch](https://feedsoft.ai/events/5560-usd-cny-catch-up-may-have-more-to-go-mufg-forex-crunch.md) | -0.3% | -1.9% |
| DXY | 2018-09-30 | [DXY to come off: we like to buy into any dip below 1.1550 in EUR/USD - Nordea - Forex Crunch](https://feedsoft.ai/events/63254-dxy-to-come-off-we-like-to-buy-into-any-dip-below-1-1550-in-eur-usd-nordea.md) | +0.7% | +1.8% |
| DXY | 2020-03-02 | [EUR/USD defies gravity on relentless unwind of the carry trade - Forex Crunch](https://feedsoft.ai/events/6186-eur-usd-defies-gravity-on-relentless-unwind-of-the-carry-trade-forex-crunch.md) | -0.8% | +4.0% |

## Sources

- forexcrunch.com: https://www.forexcrunch.com/blog/2019/12/31/usd-jpy-hits-19-day-low-despite-steepening-of-us-yield-curve/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.