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Forex Flash: Standing in the way of Yen a dangerous proposition - Societe Generale

FXstreet.com (Barcelona) - Amid the perplexity of the market, the Japanese Yen continues to tumble unstoppable without showing any signs of recovery, as bounces remain almost non-existant.

According to Kit Juckes, Head of FX at Société Générale: "I don't really now how many foreign bonds Japanese investors have bought since the start of the new fiscal year and the ramping-up of BOJ activism, but standing in the way of this move feels just like stepping out in front of a bus."

Mr. Juckes reminds in today's thoughts on the market that Albert Edwards, Global Strategist at Société Générale, "re-published his 63k Nikkei target earlier today, and the core of the piece - that owning the Nikkei is an inflation hedge in a country which has to avoid higher bond yields at all costs - is pretty compelling."

Kit remains bullish Nikkei and bearish yen, although he says that "the air will get much thinner on the other side of USD/JPY 100."

Session Recap: yen declines further, EUR/USD consolidates at 1.3000

The Yen continues with is story on Monday with the Nipon currency declining against its major competitors. The USD/JPY advanced 1.12% on the day to trade above 99.30. The GBP/JPY added 0.72% on the day to price close to 151.50. And the EUR/JPY rallied 1.35% to close above the 129.00 level.
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Forex: Euro remains firm and consolidates above the 1.3000

After its fourth day of gains and 290 pips from the Friday's bottom, the EUR/USD rose to trade above the 1.3000 key level and reach a fresh 2-week highs at 1.3035. Currently the pair is trading in consolidation mode just above the 1.3000.
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