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Forex Flash: GBP and JPY opened lower before bouncing - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that both Sterling and Yen opened lower and have since bounced somewhat.

He sees that press reports of the seemingly imminent BoJ appointment surround price action which have seen spot drift to fill the gap to Friday´s close around 93.50. Overall, he notes that long term Yen bearishness is unaffected. Looking to the UK he notes that the rating downgrade was expected and short covering has been seen so far. He writes, “The UK government is desperate to revive growth, and welcomes a weaker pound. The focus of policy will now to be explore any and all always to ease monetary policy and get cheap credit to more parts of the economy. Sterling remains under pressure, exporters’ profits will benefit, the UK economy will take time to react, interest rates will stay anchored and inflation expectations (and break-even rates) can move higher.”

Forex Flash: AUD confined to a range - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that AUD is confirmed to a range that was first established in the second half of 2011 and has been carving out a large triangle pattern.
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Forex Flash: BoJ grapples inflation targets – UBS

According to Research Analyst Gareth Berry at UBS, “The terms of office of BoJ Governor Shirakawa and his two deputies end on March 19th, and the names of three nominees to fill these vacancies are expected to emerge some time this week. Skepticism about the BoJ's ability to hit the new 2% inflation target is running high, and attention has naturally focused on whether the new leadership can bolster Japan's inflation-targeting credentials.”
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