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Forex space busy post Japans GDP shocker - TDS

FXStreet (Guatemala) - Analysts at TD Securities noted that the markets are busy at the start of the week for the US and Europe post overnight headlines in Japan.

Key Quotes:

“The week is off to a busy start as much weaker than expected Japanese GDP data sent the economy back into recession, triggering a rally in USD/JPY before a 3% slide in the Nikkei squeezed JPY shorts”.

“Weak growth raises renewed doubts about the government’s ability or desire to push on with the 2015 leg of the sales tax increase”.

“Markets appear highly undecided about the short-term direction of the JPY here after the overnight reaction and USD/JPY may continue to track equities in the short run at least”.

“Headwinds for USD/JPY may translate into broader headwinds for the USD after the EUR’s rebound Friday and heavy price action in the USD generally (DXY) last week”.

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