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Forex Flash: NISA to boost toshin momentum in 2014 6 - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Yujiro Goto notes that Toshin momentum is now gradually improving, and an introduction of Japanese version of Individual Savings Account (NISA) next year can be an additional boost for toshin momentum.

He estimates JPY1.5-2.2trn (USD15-22bn) foreign investment per year, via toshins under NISA, is possible and Toshin momentum can be boosted by 50% or more, thanks to NISA from next year. He writes, “The success depends on risk appetite, though. If the government fails to maintain risk appetite among retail investors at a high level, investment under NISA can be used just as a replacement of existing exposures.”

Forex Flash: Fed loan officer survey says business US credit thawing - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes that the US Fed loan officers' survey contrasts with the ECB bank lending survey, like a bottle of Sauvignon Blanc on a magical May evening contrasts with vinegar.
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Forex Flash: RBA should now leave rate at 2.75% in 2013, current account deficit may shrink to -2.5% - TD Securities

The RBA surprised the market with a 25bp rate cut to a record low 2.75% today, while consensus was toward an on hold decision. TD Securities analysts say that the communique suggests that the RBA is leaving the door open for further rate cuts, by stating that “...the Board has previously noted that the inflation outlook would afford scope to ease further...at today’s meeting the Board decided to use some of that scope”. “However, we note that the communiqué elsewhere was rather balanced, signalling no rush to follow up with another move. So despite the RBA remaining on an easing bias, we take today’s rate cut as our June cut delivered a month early”, wrote analyst Alvin Pontoh, leaving their cash rate profile for the remainder of the year flat at 2.75% at this point.
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