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Forex Flash: The case for AXJ FX intervention weakened on three fronts - DBS Group

FXstreet.com (Barcelona) - DBS Group analysts note that the case for Asia ex Japan FX intervention has been weakened on three fronts.

Firstly, they note that China has consistently guided the Chinese yuan to new highs. Second,the US Treasury Currency Report issued before mid-April strongly encouraged China, Korea and Taiwan to respect market forces in determining exchange rates, with the Korean won and Taiwan dollar recovering since then. Thirdly, they sees that the prospect of runaway yen depreciation has diminished. They write, “The Nikkei 225 index is now less than a thousand points below the Dow Jones Industrial Index. When the yen depreciation started late last year,that gap was around 4000 points. Consensus now expects the inflation in Japan to hit 2% in 2014. This sends a strong signal that the Bank of Japan has done enough for now.”

Forex: GBP/JPY recovers the mark of 153.61/68 ahead of BoE decision

The GBP/JPY has taken the look of a pair that is quite unsettled ahead of the BoE interest rate decision later today, which looks to hold sway over currency markets Thursday. Indeed, an earlier setback below the 153.30 level was contained, thereby leading to a recovery recently back to the mark of 153.61/68
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Forex: NZD/USD holds onto majority of gains at 0.8451/58

The NZD/USD has certainly traded higher beginning with overnight trading Thursday with the release of upbeat economic data and a general recover off yesterday’s setbacks. The kiwi has been given new life during, though is trading unevenly during European trading in recent moments. While the cross is recording a steadfast gain of +0.63% in these moments at 0.8451/58, it is well off its highs as well (0.8483).
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