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Forex Flash: Japanese selling of foreign bonds continued - Nomura

FXstreet.com (Barcelona) - Nomura strategist Yujiro Goto notes that Japanese investors continued selling foreign bonds last week, for the fifth week in a row.

He adds that they sold JPY332 bln ($3.5bln) of foreign bonds, despite expectations for them to invest more in foreign bonds after the BoJ´s bold easing . Further, he notes that while the pace of selling slowed from the previous week, domestic investors stayed on the sidelines amid high volatility in the JGB market. He writes, “Profit-taking by retail investors and contrarian selling by pension funds also contributed to the net selling of foreign bonds, in our view. Japanese investors also sold foreign equities to the tune of JPY158bn ($11.7bln).

Commodities Brief – Gold prices capped at 1400 barrier, crude loses grip on 88.00 level

Gold prices traded higher Thursday, testing the 1400 barrier. However at the onset of US trading, the yellow metal was rebuffed by this mark, easing slightly back towards USD $1395.00 per oz. in these moments. With demand once again being questions couple excessive oversold conditions, the market is likely to see more fluctuations and high volatility within to close out the week.
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Forex Flash: USD/CAD in a deeply entrenched bull move – TD Securities

TD Securities analysts consider yesterday’s BoC message as predictable, “sticking with the very weak tightening bias but acknowledging the softer economic trends evident recently and intimating that the eventual hike in rates remains very distant (by pushing the closing of the output gap out another year to mid-2015)”, and seeing overall upside bias on the USD/CAD: “We continue to target a push to 1.06 by the middle of the year. Note that Governor Carney is speaking this morning (very unlikely to reveal any more than yesterday’s press conference). G-20/IMF meetings get underway in Washington (draft communiqué reaffirms pledge to avoid competitive devaluations)”, wrote analysts Shaun Osborne and Greg Moore, allowing corrective pressure to extend a little lower in the near-term to the low 1.02 area, “but we continue to believe that the broader trend here is higher and that modest dips remain a buying opportunity”. “Trend indicators continue to suggest a deeply entrenched bull move”, the concluded.
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