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US: Durable Good Orders fell 5.2% in January

The Commerce Department has informed that orders for US long-lasting goods contracted 5.2% during January, missing expectations at -4.4%, and down from +3.7% (revised) in December.

If we strip the Transportation sector, orders rose 1.9%, above estimates at +0.2% and better than December’s +1.0% (revised).

US Jan Durable Goods Orders ex Transportation up to 1.9% vs 1% (Dec)

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Forex Flash: USDP/JPY upside possible with more accommodative BOJ – UBS

According to Research Analyst Gareth Berry at UBS, “The prospect of a more accommodative Bank of Japan is certainly a good reason to position for further USD/JPY upside, though it is not the only one. The FX flow picture has started to change too in ways that are potentially more far-reaching and long lasting. Deep structural changes are taking place in Japan's real economy, which has disrupted the prevailing balance between supply and demand in the foreign exchange market. Corporates, as a community, had been persistent net sellers of USD/JPY for years, but then suddenly switched sides two years ago. We have seen persistent net yen selling since.”
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