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Forex Flash: Little the RBNZ can do to smooth the Kiwi's rise - BNZ

Following the verbal threat of an RBNZ intervention, according to Mike Jones, currency analyst at Bank of New Zealand, "there is very little the bank can do to slow the NZD’s ascent, other than trying to 'smooth the peaks'. Wheeler also shot down most of the quick fixes currently being propounded by political and media types.

Mr. Jones added: "There was nothing in the speech to shake us from our view the NZD is poised to keep rising this year. We’ve being toeing the line that, while overt intervention is unlikely at present, the RBNZ will continue to use “passive” intervention to accumulate foreign reserves and lean against the firmer NZD. “Active” RBNZ intervention will only be considered by the RBNZ if NZD gains become disorderly and driven more by speculative froth than ‘fundamentals’. There is no evidence of this occurring."

Forex: GBP/JPY selling off to fresh Feb lows

GBP/JPY is currently printing fresh Feb lows last at 142.37 mostly on late Yen strength, as USD/JPY is at fresh session lows 93.47 while Cable remains steady around 1.5230, off fresh 2.5-year lows at 1.5190. Nikkei index is currently selling off around the 11300 points mark, down more than -1.3% for the day so far, once back from lunch time in Tokyo.
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Forex: USD/JPY below 93.50 on more BoJ-related jawboning

The Japanese Yen has been paring its losses in the last few hours of trading, just as shadow FinMin in Japan, Mr. Maehara, crossed the wires to say that BoJ candidate with extreme reflationary policy profile is not desirable. The USD/JPY is presently just below 93.50 as the constant jawboning from politicy-makers continue. One can not help but notice that until the new BoJ chief is officially announced, all Yen crosses will remain trading choppy on a headline-to-headline basis.
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