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Forex Flash: Margin traders return to being contrarian - Nomura

FXstreet.com (Barcelona) - Nomura strategist Yujiro Goto notes that Japanese margin traders have maintained relatively high JPY selling positions, while JPY has been depreciating against the major currencies.

He adds that according to net positions at major OTC brokers released by Nikkei, ney USDJPY longs declined to JPY236 bln as of April 10th, from JPY444 bln the previous week. He comments that after the BoJ´s easing announcement on April 4th, USDJPY rallied further, encouraging margin traders to lock in profits as they are usually contrarians. He writes, “Although they are likely to have locked in profits, we estimate their net USDJPY longs rose again this week, based on a daily data released by one of the major brokers.”

Forex Flash: No major news boosting the USD - BBH

According to the BBH analyst team, there does not appear to be any major news boosting the greenback today.
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European Parliament disapproves of the way Cyprus bailout was handled

The European Parliament held a session on the handling of the Cyprus rescue on Wednesday morning. The Eurogroup was heavily criticized for forcing losses on savers and for its “appalling communication” during the bailout negotiations.
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