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Forex Flash: What does USD/JPY do during Golden Week? - Nomura

FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a look at what happens to USD/JPY during Golden Week in Japan.

He begins by explaining that Golden Week occurs in Japan at the end of April and the beginning of May, and consists of several Japanese holidays starting with Showa Day on 29 April and ending with Children’s Day on 5 May. Taking a sample from 1990 to present, he sees that on the whole, USD/JPY falls during this week with much of this downward move occurring towards the beginning and end of the week. During the middle part of the week, USD/JPY has a slight tendency to rise, but he adds that the behaviour does not seem strong historically.

Forex Flash: USD/CAD risks slipping to upper 1.01 while capped at 1.0290 – TD Securities

TD Securities analysts say that the one constant seems to be the CAD under-performance, “with our currency at the bottom of the overnight performance league and gaining only marginally against the softer USD”. “This morning’s run of second-tier data from the US might not do that much to boost interest in our session so more range trading might be on the cards for the markets in the near-term. Commodity prices continue to stabilize and recover from the recent softness but it is the tone of the US equity market that is once again providing the strongest “pull” for the CAD from a correlation point of view”, wrote analysts Shaun Osborne and Greg Moore, adding that the Loonie remains highly sensitive to the risk environment and “we remain somewhat concerned that the recent positive run in risk assets is susceptible to a (seasonal) reversal”. The USD/CAD constant failure at 1.0290 robs some short-term momentum and risks slipping back to the upper 1.01 area on a drop below 1.0230/35”. “We still rather look for limited downside and support in the low 1.02 area top hold for now (40-day MA at 1.0219)”, they concluded.
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Forex: AUD/USD rejects the 1.0340 and falls to 1.0310

After climbing from 1.0315 to reach fresh intra-week high at 1.0340, the AUD/USD has been rejected by this level and now the pair is trading down at the 1.3010 area. It’s 0.30% positive on the day.
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