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Forex Flash: Markets calmer into week close - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank note that markets were relatively calmer on Thursday with the majors orbiting the dollar and EUR/USD edging higher following the Spanish debt auction.

Meanwhile, he adds that the pick up in US initial claims and the softer than expected Philly Fed also tempered any dollar strength as global jitters subsided slightly. Looking ahead he sees that investors may continue to mull prospects of an ECB rate cut, while Italian political risks may continue to brew. On the JPY front, he recommends that investors look towards headline risks emanating from the G20 meeting although we continue to expect little in terms of specific criticism towards Japan (note the OECD already lauding the positive global impact of the BOJ’s monetary stimulus), thus keeping the JPY’s inherent structural bearishness intact.

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