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Lombard Odier says USDJPY fell about 5% over three months, mostly in December, as risk aversion drove investors into safe-haven assets. The bank views the move as broadly in line with its expectations, though it happened faster than expected.
It remains medium-term bearish on the dollar, citing the yen's undervaluation and a mature U.S. cycle.
A weaker dollar view supports dollar-priced commodities over the medium term, while near-term consolidation could limit price moves. Yen strength also affects import costs for Japanese feed buyers.
lombardodier.comVasileios Gkionakis, PhDJan 10, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
