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Forex Flash: Hope for a weaker Pound will succeed - Societe Generale

The pound is likely to continue falling, so says Societe Generale FX strategist Sebastien Galy, noting that "it does have the blessing of the UK’s MPC and the Chancellor."

In the “Currency Wars” front, Sebastien points how the UK has become the ‘quiet debaser’ as they "don’t intervene or talk their currency down loudly, but smile when it falls and talk positively about what a weaker currency does to re-balance the economy and tackle the trade and current account deficits" Mr. Galy says.

"If the hope is that a weak pound will aid recovery, we suspect that hope will be disappointed for quite a long time. If the hope is that it will result in a weaker pound, it will succeed" the strategist adds.

Forex: EUR/USD closes below 1.3200; Bears on command?

Following a 100 pips decline on Thursday, the EUR/USD is closing its second negative day in row. In the last two days, the pair dropped 200 pips from Wednesday high at 1.3430. Since February 1st top, the Euro has lost 5 cents against the US Dollar from 1.3710 to the current 1.3190. So, are market trading the Euro on bearish mode?
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Forex: USD/JPY stalls below 93.50

USD/JPY is currently at 93.11, off fresh weekly lows at 92.77 printed by mid NY session, now finding some resistance around Wednesday's Asian session lows. The pair is down -0.42% for the week so far, retracing from yesterday's Asian session highs at 94.05, following a Nikkei close yesterday down -1.39%, and SP500 close Thursday with -0.63%. No major local news are expected for the coming session.
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