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Forex Flash: Corrections in EUR/USD, USD/JPY opportunities to buy back - Societe Generale

As Sebastien Galy, currency strategist at Societe Generale, notes, the outcome out of recent statements from G7 officials "is the position espoused by Fed Lockhart earlier in the day, namely that the move in the JPY is a side and desirable effect of a central bank pursuing a policy of reflation in line with the core mandate of the central bank."

The analyst expands: "Some Europeans disagree, with massive cross JPY flows going their way. The positive side effect is that peripheral yields are in demand helped possibly by this inflow of foreign capital." Corrections in long EUR/USD and USD/JPY, in view of the analyst, "remain therefore tactical opportunities to buy back into" Sebastien adds.

Forex: AUD/USD spikes above 1.0320 after Aus cons conf beats estimates

The Australian Dollar has just broken through its Tuesday's high at 1.0320 after a surprising jump in the Westpac consumer confidence index, up an astonishing 7.7% vs a 0.6% last month. The huge deviation between the prior and actual reading, highest since Dec 2010, has now the market speculating on lower chances of a possible rate cuts by the RBA. As such, the AUD/USD spiked on the news, current at session highs at 1.0330, with key resistance mentioned earlier at 1.0350/60.
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Japan: Domestic Corporate Goods Price Index (YoY) (Jan): -0.2%

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