Feb 25, 2013
Forex Flash: Japan's Kuroda headlines only confirms expectations - Societe Generale
The head of the Asian Development Bank, Mr. Kuroda, which was placed as the most likely candidate by Nomura last week, "only confirms market expectations" says Sebastien Galy, currency strategist at Societe Generale. He adds that while JPY shorts have held well, "the risk is if EUR/USD breaks below 1.30 and sends EUR/JPY in a stop loss fest with it." However, for now, "the most likely victim is presumably GBP rather than EUR so that 1.30 should hold as the global economic background remains supportive for risk taking" he said.