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Forex Flash: Crowded positions have been flushed - Societe Generale

FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that crowded positions have been flushed with GBP, and to a lesser extent CAD shorts being swatted away and commodities have bounced.

He adds that Gold too is making a nice move back up after its capitulation and he feels that just to show that it isn't just risk off positioning that has been under pressure, USD/JPY longs have been tested a bit this morning too after a non-event BoJ meeting. He writes, “If we follow this to its natural conclusion, we’ll see some more pressure on EUR/CHF shorts today, and likewise on longs in CEEFX (PLN springs to mind). More widely, another test of SPX highs, a further grind lower in credit spreads and very range bound government bonds all seem to be in order.”

Forex: EUR/JPY bouncing from 128.00 low

After a first drop below the 129.00 handle towards the 128.00 mark after the BoJ meeting, the EUR/JPY rebound from there in reaction to the BoJ outlook, German import prices data and European opening pulled the cross above 128.50 area (session high at 128.87). EMU money supply is out, easing in March from 3.4% to 3.0% (3m) and from 3.1% to 2.6% (YoY), below 3.0% consensus.
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Kuroda: BoJ to continue easing until 2% inflation target reached

Following the Bank of Japan´s decision to leave monetary policy unchanged in April and to increase the monetary base at a pace of JPY 60-70 trillion, the central bank's Governor Haruhiko Kuroda said that none of the board members favored additional monetary easing at the meeting.
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