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FOMC/GPIF viewed as USDJPY positive - Nomura

FXStreet (Bali) - After conducting an interview with their clients, Nomura concludes that upcoming FOMC/GPIF decisions are viewed as USDJPY positive.

Key Quotes

"Our client survey (8-10 September) shows that the two forthcoming FOMC meetings and the announcement of the GPIF’s new basic portfolio are viewed as USDJPY positive among investors. As a result, USDJPY long positions held by our clients have recovered since the previous survey in May. The level of their USDJPY long positions are still likely to be below that recorded in mid-2013."

"Market expectations for a near-term BOJ easing are muted and the majority of our clients view the two BOJ meetings in October will be neutral for USDJPY, even though expectations for the Bank remain higher among offshore investors. We also believe that the September FOMC meeting and the GPIF announcement of its new basic portfolio to be USDJPY positive, and we recommend continued positioning for USDJPY upside over the next few weeks. We thank those that participated in the survey."

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