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Flash: USD/JPY looks to maintain 100.00 level – Investec

FXstreet.com (Barcelona) - The pound has had a mixed bag of a month against USD and EUR; gradually grinding lower against the former in May whilst showing relative stability against the latter despite a month end dip.

With talk of an exit from quantitative easing and firmer figures coming from the US the dollar is very much king of the currency castle at the moment. According to Lee McDarby, Corporate Treasury at Investec, “Key levels in USD/JPY of 100.00 and 1.00 in USD/AUD have been smashed in May and this may keep the greenback supported for some time.”

With EUR/USD now happily trading under the 1.30 mark it is easy to see why a lot of investors feel that GBP/USD could break back through the 1.50 level soon and potentially push even lower. Obviously this is great news for exporters but with recent sterling weakness a lot of importers are rightfully nervous at the moment. This is especially concerning given the fact that a shiver is sent through the spine of sterling whenever incoming Bank of England Governor Mark Carney’s name is mentioned.

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