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Forex Flash: USD/JPY has scope for downward correction despite BoJ dovish governance – Commerzbank

The USD/JPY reached the highest level in over two years last night, at 94.77, on reports that the likely candidate to BoJ governance is Haruhiko Kuroda, president of the Asian Development Bank, being assisted by Kikuo Iwata and Hiroshi Nakaso. “Markets are expecting this alleged infernal trio to pursue a particularly aggressive monetary policy”, wrote analyst Carolin Hecht. “As a new hopeful for the nomination as governor seems to emerge every few days we will not speculate about the appointment”, she added, expecting only a very short term effect on USD-JPY moves. “What is much more important is that thanks to its ability to change the central bank legislation the government is going to dominate in the end when it comes to Japanese monetary policy”, Hecht continued, seeing potential for a downward correction in the short term.

Forex Flash: EUR/GBP could push higher towards 0.89/9000 – Westpac

According to Robert Rennie, an FX Strategist at Westpac, “It’s hard to see strong arguments for a lasting negative impact on the GBP. However, with the growth/ debt consolidation/ shock absorption issues that Moody’s raised, plus political risks/ concerns the Government’s resolve may start to waiver plus question over what changes, if any, the new BoE Governor may make to the outlook for the Bank’s QE program, risks still look to be on the downside.”
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US: Dallas Fed Manufacturing Business Index rises to 17.8 in February

From 15.3 (revised from 5.5), US Dallas Fed Manufacturing Business Index rose to 17.8 in February.
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