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Flash: The fall of foreign reserves - Societe Generale

FXstreet.com (Barcelona) - Societe Generale strategists note that both the pace of growth of global foreign exchange reserves and the share that is held in EUR and USD will continue to fall.

They feel that part of the reason is the collapse in global carry and the potential cost of sterilization as well as better use of these funds domestically. This leads foreign reserves into commodity/FX and EM, partly to better match potential risks. They write, “As the US economy steadily recovers into the end of 2013 a slower recycling of foreign reserves should increase the attractiveness of the USD for Japanese investors.”

USD/JPY extends its decline below 101.00

The Japanese yen continues to correct lower on Monday, leaving behind once again the key support at 101.00....
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Flash: CAD & AUD the worst performing of major currencies last week - BBH

Brown Brothers Harriman analysts note that the Canadian and Australian dollars were the worst performing of the major currencies over the past week, losing 0.4% and 0.8% respectively.
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