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Forex Flash: Cat and Mouse a la Japonaise - Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that today will see the release of Japanese securities flows data, including the size of flows and the type of assets bought, but not their allocation per currency or the amount of FX hedging.

He sees the market and Japanese investors are all waiting for it. He writes, “The cross currency market, EM/FX, USD/JPY and EUR/JPY all assume strong flows are going through. The roughest guestimate based on daily data from South Africa suggests that around 13.5bn USD in foreign bonds were bought on the Japan QE theme and continue to be. Any big number should be enough to satisfy the market and continue its trend.”

Fed Minutes: QE to continue at least until midyear

Minutes from the Fed monetary policy meeting held on 19 and 20 Mach and unexpectedly released several hours earlier than scheduled, revealed that the FOMC members continued discussing the ongoing 85 billion dollar QE program and when should it be abandoned.
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Forex: USD/CAD rejeted by the 1.0165

After rising around 20 pips from 1.0145, the USD/CAD tested the 1.0165 level just at the moment of the FOMC minutes early release but the pair was unable to trade higher and it was rejected down to test the 1.0150 area.

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