Macquarie is braced for fresh intervention to shore up the yen, but perhaps not until it falls to 165 against the dollar. It also thinks any intervention in currency markets might wait until today's U.S. non-farm payrolls data is out of way. "A soft payrolls outcome could present ideal conditions to give intervention maximum bang for its buck," Macquarie says. "Conversely, intervening today would be a waste of bullets if a strong payrolls report leads to broad-based U.S. dollar strength afterwards." The yen fell to a fresh 40-year low against the dollar in Asia on Wednesday. It was recently at 162.53. (david.winning@wsj.com; @dwinningWSJ)
Dow Jones Newswires
Yen Intervention May Wait Until 165 to the Dollar Is Reached — Market Talk
Macquarie is braced for fresh intervention to shore up the yen, but perhaps not until it falls to 165 against the dollar. It also thinks any intervention in currency markets might wait until today's U.S. non-farm payrolls data is out of way. "A soft payrolls outcome could present ideal conditions t…