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Forex Flash: BoJ liquidity pump is helping stabilize JGB market - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the BOJ has pumped massive amounts of liquidity into the banking system and this is helping stabilize the JGB market after the worst sell-off in a decade.

They continue to note that the BOJ injected JPY2 trln of 1-year money at 0.1% (LTRO?) on top of the normal operation that provided JPY800 bln. Consequentially, Japanese stocks initially rallied in Tokyo, with the Nikkei making new 5-year highs before reversing. They write, “The high flying JASDAQ was hit much harder by the wave of profit-taking, led by consumer goods and health care. The dollar initially came off in early Tokyo trading, testing the JPY102 area. Turnover was quiet and the dollar was largely confined to a JPY102.00-40 range. The euro is also trading a bit heavier against the yen. Support is seen in the JPY131.00-20 range.”

Forex Flash: US data was poor but poorer EU data drives USD higher - Societe Generale

Olivier Korber, FX Strategist at Societe Generale notes that the tenor of US economics data yesterday was poor, with both the NY Empire manufacturing survey and industrial production growth surprising to the downside.
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Forex Flash: USD/CNY has a neutral bias ahead – BTMU

Bank of Tokyo Mitsubishi UFJ analysts feel that USD/CNY has a neutral bias ahead and is set to range between 6.1350 and 6.1800.
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