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Forex Flash: Too much read into Draghis press conference – BBH

Brown Brothers Harriman analysts feel that de-emphasizing the currency war talk should be euro positive (as well as yen negative) and some observers read too much into Draghi's press conference remarks last week.

They write, “He had to acknowledge the French calls for action and reassure that the ECB was closely monitoring developments.  Some had thought the official pain threshold for the euro had been reached, but the G7 reaffirmation and Constancio's comments today suggest otherwise.  A move now above $1.3480-$1.3520 would help lift sentiment and begin repairing the technical damage inflicted last week.”

Forex Flash: JPY weakness triggers outbound FDI – UBS

According to Research Analyst Gareth Berry at UBS, “The three-month old rally of the USD/JPY has been largely driven by non-Japanese investors – mostly from within the hedge fund community. That does not mean Japanese participants have been absent entirely however. In fact, flows of a domestic origin have changed in ways that are even more surprising.”
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Forex Flash: Credit, CAD, and AUD are all showing signs of valuation fatigue – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that data wise, there is little on offer this afternoon.
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