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Forex Flash: Stronger preference for Japanese equities continued - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Yujiro Goto notes stronger preference for Japanese equities continued and domestic investors are estimated to have sold JPY78bn (USD0.8bn) of foreign currency-denominated toshins last week, according to NRI.

He adds that there has been net selling for the second week in a row while the pace of selling slowed from the previous week (JPY 254bln). Further, he notes that Toshin companies became net buyers of foreign assets in March for the first time in five months, but the recent acceleration in JPY weakness encouraged retail investors to lock in profits, in his view. He writes, “Even though we expect toshin momentum to recover gradually, there may be more net selling due to profit-taking before we see a clear pick-up in momentum.”

Forex Flash: China - a window of a global demand swoonlet? - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that China’s HSBC ‘Flash’ PMI has heightened the sense that the global economy is in yet another spring-time soft patch.
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Forex: USD/CHF holding gains at 0.9400

The USD/CHF is still holding above the 0.9400 mark (+0.60% on the day) after conquering the area during European time following the disappointing flash manufacturing PMI in Germany. The current daily range is 0.9328/0.9414, both high and low printed in less than 4 hours. US manufacturing and housing data are being published during the NY time and the pair is holding its gains.
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