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Forex Flash: Mixed signs from toshin data - Nomura

Nomura Strategist Yujiro Goto notes that there were mixed signs from todays toshin data, with Japanese investors estimated to have purchased JPY 47bln of foreign currency-denominated toshins last week according to the NRI.

He sees that there has been net buying for the second week in a row, while the pace of selling slowed from the previous week (JPY169bn). Toshin companies became net buyers of foreign securities for the first time in five months in March, suggesting toshin momentum is recovering. He writes, “Consumer confidence has been improving amid expectations for bold policy responses by the BOJ and the government, showing households risk appetite is now much higher than a few months ago.” Thus, he expects toshin momentum to keep recovering gradually, sending JPY lower against major currencies

Forex: EUR/USD consolidating below 1.3100

The shared currency is now trading almost unchanged against the greenback, hovering over the area of 1.3085/90 after reaching session highs above 1.3120...
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Forex Flash: Refinancing ahead for Portugal? – Deutsche Bank

In Europe and ahead of this week's Eurogroup/ECOFIN meetings, Reuters is reporting that EU policymakers are considering approving an extension to the Irish and Portuguese programs. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The extension will see the average maturity of EU loans by increased by seven years, which will smooth the two countries' debt refinancing profiles well into the 2020s. Shorter maturity extensions of between 2-5 years were judged to be not beneficial enough for the country.” Later this week, a draft discussion document prepared by the troika will be presented to finance ministers at this week's Eurogroup/ECOFIN.
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