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Forex Flash: USD/JPY, don’t believe the BoJ will deliver - Westpac

With USD/JPY enjoying a nice rebound last at 92.72 from fresh Feb lows at 90.84 following mixed election results in Italy, Westap analysts say: “our view on USD/JPY has not changed – see e.g. 'Westpac Strategy Trade Recommendation: Sell USD/JPY via options' on 13 Feb.”

“We simply don’t believe the BoJ will deliver on very high expectations,” notes Sydney based Westpac analyst Sean Callow, adding: “A slide in US yields also adds weight to the pair, with the 10 year T-note yield rebuffed at 2.00%, dropping to 1.86%.”

Forex: AUD/USD off fresh lows at 1.0250

Aussie is currently back above previous weekly lows at 1.0260 printed yesterday, last at 1.0272, off fresh weekly lows at 1.0247, following RBA assistant governor Guy Debelle's comments saying
RBA could cut cash rate to offset high AUD, which added to the selling off in risky assets after divided election results in Italy. The pair is down -0.57% for the week so far, with commodities overall lower as well.
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Italy faces tough times, so does the Euro...

The Euro was taken hostage by dark selling forces on Monday, as hysteria hit the global markets following an unresolved Italian election, in which none of the 4 front-runner's parties managed to get a majority in the Senate, leading the country to prospects of ungovernability.
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