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USD/JPY ploughs on – SG

FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Research at Societe Generale notes EUR/USD to be oversold and stuck in a right range whiles USD/JPY powers on towards 125.

Key Quotes

“A slightly softer than expected HSBC Chinese PMI was this morning's catalyst for weakness in Asian FX generally.“

“With the downtrend in commodity prices intact, and China still slowing, we remain firmly bearish of AUD and NZD.”

“As for the USD/JPY, it powers on towards 125 but don't look to long at the weekly investment flow data - foreign buying of Japanese assets is at levels not seen since 2007. Presumably, all hedged.”

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