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S&P outlook on Japan could turn negative

FXstreet.com (Barcelona) - The credit rating agency Standard & Poor's has expressed concern over the recent monetary situation transpiring in Japan, coupled with tangible doubts that the government can finally win the battle against deflation.

Moreover, S&P weighed in on the plan of Japanese Prime Minister Shinzo Abe, that the recent boost to the country's economic expansion, also known as "Abenomics" stands on three strong pillars: "bold monetary easing, fiscal efforts to boost growth and strategy to induce the private sector to invest. "However, of these three key points, two remain inactive and only monetary relief is fully functioning now.

The agency has a rating of "AA-" for Japan's sovereign long-term debt.

Forex: EUR/HUF around 300.00, ahead of MNB

The Hungarian forint is sharply down against the single currency on Tuesday, ahead of the MNB decision due in the European afternoon....
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Forex: AUD/USD off 1.0220 lows made by disappointing China PMI

The AUD/USD is being pressured on Tuesday following the disappointing China HSBC flash manufacturing PMI, at 50.5 in March, instead of the 51.5 consensus. The cross fell 50 pips from 1.0270 area to be held above 1.0220 during the Asian session. As of writing, however, the market is retracing losses back to 1.0250 for now and despite the disappointing German flash PMI data in April as Italy and Spain are having its lowest yields for their debt of the last 18 months.
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