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Forex Flash: Is market stability an issue in aftermath of FOMC? – UBS

It is fair to say that the FOMC has not seen so much debate over policy in quite some time – “although forward policy was supposed to have been resolved as an issue with the December launch of numerical targets, in hindsight the decision appears to have been somewhat rushed, and right now individual members are at odds over exact policy calibration.” suggests Research Analyst Garth Berry at UBS.

Be that as it may, perhaps the market should still take a step back for commending the Fed to have such a debate in the first place, without any risk of jeopardizing market stability. “Even right now, such open debate in other policy boards would be far more difficult; especially as economic agents (not market participants) strongly rely on certainty to generate rational expectations.” Berry warns.

Borrowing costs fall at Spanish debt sale

Spain sold 4.2 billion euros of 2, 5 and 10-year debt on Thursday, beating the maximum target of 4 billion euros.
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Forex: USD/JPY finds traction at support

The USD/JPY has fallen Thursday as the yen – left for dead in recent weeks – has finally managed to hold its own against its US counterpart. Ahead of a tranche of US data that looks to dominate afternoon trading, the pair has edged lower and is trading just under calculated support (93.34) at 93.27/28 in these moments, down a sizable -0.31%.
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