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Forex Flash: BoJ reinvigorates Yen bears - Societe Generale

FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the overnight BoJ action has surpassed consensus expectations.

He highlights that the bank were expected to boost bond buying by 50%, and have surpassed that with what looks like a 100% increase and some very dovish/open-ended commentary. He writes, “Will it deliver 2% inflation on a 2 year time-scale? - am not sure.” He continues to explain that he does think that the show of commitment is sincere/aggressive and Yen bears are right to feel reinvigorated this morning. He believes that Nikkei bulls will doubtless feel the same no doubt. He finishes by writing, “This is the kind of aggressive easing we are used to seeing from the Fed and would just love to see more of from the ECB...”

Forex: EUR/GBP erases gains after disappointing EMU Services PMI

Coming from flat movements of the Asian session, the EUR/GBP rose above the 0.8500 mark and printed its daily high at 0.8521 ahead of the EMU March Services PMI by Markit. Overall disappointing data triggered a retracement of gains back to the opening price, with a quick stop at 0.8478 low. UK Markit Services PMI was also released and rose from 51.8 to 52.4, beating 51.5 consensus.
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Forex: EUR/USD regain 1.2800

After dipping to fresh lows in the vicinity of 1.2780, the shared currency managed to gather some traction and trade back around the key mark of 1.2800 on Thursday, ahead of the ECB statement due later...
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