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Forex Flash: USD/JPY made no attempt to take 100.00 despite NY USD optimism - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that despite the optimism towards the dollar in NY, he notes that USD/JPY made no attempt to breach the 100.00 ceiling, leaving him to conclude that near term prospects for the pair may be centered on the Japanese front.

As such, he notes that the BoJ meeting today may prove pivotal and in a nutshell, he continues to expect an eventual break out higher. He writes, “With little discretionary USD strength, USD/JPY remains In the interim, we stay with a buy-dips stance and expect markets to stage a break out towards 100.80 if 100.00 is eventually printed.” Looking to AUD/USD, he notes that in the near term, AUD may attempt to garner strength from the equity/commodity backdrop as well as the AUD/JPY, but he thinks the pair may require a sustained breach of the 55-day MA (1.0346) to more fully neutralize its heaviness. He writes, “The next significant support on dips is expected towards 1.0220.”

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Forex Flash: Banking system remains central to Spain’s restructuring – Goldman Sachs

While progress is underway, the Spanish economy still needs a significant economic restructuring. According to the Economics Research Team at Goldman Sachs, “The reallocation of capital – from unhealthy sectors such as construction to those sectors with better prospects of expansion such as exports – is a necessary part of that restructuring. Given the nature of the Spanish financial system, banks have a central role to play in this process.”
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