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Forex Flash: All eyes on USD/JPY 99.95 recent high - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that in the near term, all eyes will be on the recent USD/JPY high of 99.95, with the key 100.00 level in investors rights.

On the CTFC front, he writes, “Net speculative JPY shorts were increased in the latest week. Although such speculative positioning as a proportion of open interest remains at extreme levels (a traditional caveat), a weak yen remains an easy story to buy into for investors at this juncture.” Looking to AUD/USD, he notes that this week, some event risk may be expected from the Q1 CPI numbers, with AUD/USD still smarting from growth/commodity concerns and with the IMF indicating that the AUD was about 10% overvalued from a medium term perspective. He writes, “On the CFTC front, net speculative AUD longs were pared in the latest week and a failure to retake the 1.0300 handle may see a probe lower towards 1.0200 and then 1.0165 multi-session.”

Forex Flash: Sell EUR/SEK - Nomura

Nomura strategists Matthew Slade and Geoffrey Kendrick note that they recently commented on the strong performance of SEK since the start of the year and have been looking for an opportunity to get long.
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Forex Flash: GBP coming under renewed selling pressure - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the pound is also coming back under renewed selling pressure in the near-term which was supported by Fitch’s decision to strip the UK of its AAA-credit rating late on Friday, although the credit rating is now stable.
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