internationallove Posted July 20, 2011 Author Share Posted July 20, 2011 "Commerzbank, Citi: comments on USD/JPY"(2011-07-20) Technical analysts at Commerzbank are bearish on USD/JPY. Never the less, the specialists think that Fibonacci support at 78.23 will manage to hold the initial attack of the bears. The bank places resistance for the greenback at 79.57, 79.88 and the psychologically important level of 80.00. Strategists at Citi believe that the Bank of Japan will conduct currency intervention if US dollar drops to 76 yen. In their view, the pair will move higher in a month as the market’s sentiment will probably improve and the uncertainty connected with the European and American debt issues eases. The analysts warn, however, that now it’s too early to start the trade as USD/JPY is likely to slide lower before bouncing on the BOJ intervention. Chart. Daily USD/JPY Comment here http://www.fbs.com/analytics/news_markets/view/8042 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 20, 2011 Author Share Posted July 20, 2011 "AllianceBernstein: all major currencies have weaknesses"(2011-07-20) Strategists at the fund AllianceBernstein revoked their bets versus the greenback changing the outlook to neutral as the euro area debt crisis escalates. It’s necessary to note that though the fund managers’ sentiment towards US dollar has improved they didn’t become positive on dollar taking into account high indebtedness of the United States and its budget problems. In addition, the economists don’t think that the economic growth will slow down making dollar popular safe haven. AllianceBernstein expects slow and uncertain economic recovery and is cautiously bullish on the market. The specialists are now bearish on the single currency and British pound and bullish on Scandinavian currencies and Swiss franc. According to them, the downside pressure on euro is stronger due to the ECB policy that is keener on targeting inflation while some economies of the currency bloc are too weak to bear tighter monetary policy. Analysis conducted by the OECD on the basis of the purchasing power parity shows that US dollar is 8.3% undervalued versus euro. American currency lost 5.8% this year versus the European one. The situation has a bit improved as it managed to gain 2.3% in July. All in all, the specialists say that it’s not the time for long-term trade and investments as all major currencies – dollar, yen and the European currencies – have their drawbacks, so it’s necessary to adjust to the changing conditions. Comment here http://www.fbs.com/analytics/news_markets/view/8044 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 20, 2011 Author Share Posted July 20, 2011 "ZKB, Commerzbank: comments on EUR/CHF"(2011-07-20) Technical analysts at Commerzbank believe that as the single currency managed to break above resistance at 1.1556 trading versus Swiss franc, it may strengthen to 1.1770. Never the less, as long as EUR/CHF is staying below June minimum at 1.1808, the general outlook for euro will remain bearish. Strategists at ZKB doubt that the pair will manage to rise above 1.1700. In their view, even if it does that euro’s advance will be likely contained by 1.1750. The specialists note that the EU summit that will take place tomorrow may disappoint the market. Chart. H4 EUR/CHF Comment here http://www.fbs.com/analytics/news_markets/view/8046 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 20, 2011 Author Share Posted July 20, 2011 "JPMorgan: EUR/GBP is trapped in the narrow range"(2011-07-20) Analysts at JPMorgan believe that EUR/GBP is trapped at the current levels as in the short term both the euro zone and the UK faces serious risks that are affecting their currencies. While in Europe the main threat comes from the debt crisis, Britain is in danger of economic recession. The specialists expect euro to remain in a very tight trading range versus its British counterpart during the coming months between 0.8550 and 0.9100. In their view, the trade’s volatility has heightened due to the unexpected crisis of confidence to Italy seen so far and the pat situation in America where the policymakers are trying to reach compromise on the debt ceiling. According to the bank, when the pair EUR/GBP finally comes out of this range it will break it on the upside. Chart, Daily EUR/GBP Comment here http://www.fbs.com/analytics/news_markets/view/8048 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 20, 2011 Author Share Posted July 20, 2011 "UBS: the odds of QE in the UK declined"(2011-07-20) British pound rose today versus the single currency and US dollar after the minutes from the Bank of England’s MPC meeting showed that the number of QE advocates has reduced. The policymakers voted 7-2 to keep the benchmark interest rate unchanged this month as the majority of them said that the recent data shows that the near-term tightening isn’t necessary. In contrast to the June meeting, there was no mention of other the MPC members calling for more bond purchases this month. Right after the release of the minutes GBP/USD fell to the daily minimum of $1.6067, but soon recovered getting up to the $1.6130 area. Currency strategists at UBS claim that the outlook for the pair will become bullish if it manages to overcome resistance at $1.6194. Support for sterling is situated at $1.6006. Chart. Daily GBP/USD Comment here http://www.fbs.com/analytics/news_markets/view/8050 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "Taylor expects severe global economic recession"(2011-07-21) John Taylor, the founder of the world’s biggest currency hedge fund FX Concepts, expects the euro area debt crisis to ease during the next 3 months. The specialist thinks that the improvement of the market’s risk sentiment will help gold price surge to $1,900 by October. Taylor is also quite bullish on commodity currencies, in particular, on Australian and Canadian dollars. Never the less, the economist thinks that the rally won’t last long. After reaching the record high gold may fall to $1,100 as the global economy gets into recession worse than the one in 2008. According to Taylor, the United States will run out of means to prevent the economic slump. European economy is also likely to get into the declining path, says the analyst. In his view, the pair EUR/USD will drop to $1.15 hitting the parity level next year. Chart. Weekly EUR/USD Comment here Taylor expects severe global economic recession Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "Commerzbank, Citi: comments on EUR/USD"(2011-07-21) The single currency keeps going up this week from Monday’s minimum at $1.4014. Technical analysts at Commerzbank, however, keep giving bearish forecasts for EUR/USD. In their view, the pair’s advance will be limited by the 55-day MA at $1.4307. The specialists say that the outlook for euro will remain negative as long as it’s trading below the downtrend line at $1.4471. Strategists at Citi note that plenty of positive news is already priced in, so investors should buy carefully. Resistance is situated in the $1.43 area where the 100- and the 55-day MA are meeting each other, while support is found at $1.4240, $1.4210 and $1.4180. Chart. Daily EUR/USD Comment here http://www.fbs.com/analytics/news_markets/view/8054 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "BMO Capital: loonie may be used as a refuge"(2011-07-21) Currency strategists at BMO Capital believe that though Canadian dollar tends to follow the dynamics of oil process and strengthen when the market’s risk appetite is up it may be used now as s safe haven against the euro zone’s and US debt issued. According to the specialists, loonie has all needed to attract investors: Canada enjoys economic growth and has strong financial system. In addition, the Bank of Canada is likely to raise rates sooner than the other major central banks. Analysts at BMO think that Canadian currency has much more upward potential than the classic refuge – Swiss franc – as it may gain on the oil price’s advance. As a result, the bank proposes to sell USD/CAD at the current levels. Chart. Daily USD/CAD Comment here http://www.fbs.com/analytics/news_markets/view/8056 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "EU summit: political background"(2011-07-21) During the whole week investors were looking forward to the EU emergency summit taking place today in Brussels hoping that the deals on the second bailout for Greece will be made. German Chancellor Angela Merkel warned that it’s not possible to solve the crisis in “one spectacular step”, while the Greek Prime Minister George Papandreou, on the other hand, said that the summit will be very important either leading to a breakthrough or being a total failure. Merkel and French President Nicolas Sarkozy have reached some agreement on the matter during their private negotiations. European Central Bank President Jean- Claude Trichet and European Union President Herman van Rompuy have also participated in the discussion. Analysts at Barclays Bank note that Germany and France made some coordinated efforts preparing for the summit that may be very helpful for some decision to be made today. Strategists at Mizuho Corporate Bank point out, however, that even if the European authorities manage to persuade the private sector to do a voluntary rollover, the reaction of the rating agencies is going to hit euro. The specialists say that the pair EUR/USD is likely to drop below $1.40. Chart. H4 EUR/USD Comment here http://www.fbs.com/analytics/news_markets/view/8058 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "Societe Generale, Lloyds, BarCap about the prospects of EU summit"(2011-07-21) Analysts at Societe Generale believe that the European leaders will manage to make a deal. The question is if it will be credible enough to improve the market’s sentiment at least for some time. All in all, the specialists think that despite the potential skepticism euro will find some support. Strategists at Commerzbank think that the situation has gone too far and become too dangerous for the EU could skip an agreement. If Greece gets the second bailout, euro will resume its recovery, at least in the short term. Economists at Lloyds expect a lot of announcements and commitments from today’s summit. According to them, there may be some additional plan for Greece along with a broadening of scope of the EFSF, for example the purchase of bonds on the secondary market. It’s necessary to understand that all issues of the euro area won’t be cured today. Never the less, commitment to establish a viable systemic framework of support may be enough to encourage investors’ risk appetite. Specialists at Barclays Capital say that any discussions around a consolidated EU fiscal framework or common euro-bonds issuance may provide a signal for a more sustained advance of the single currency. Without that, any improvement in sentiment and tightening in spreads will likely provoke profit taking maintaining a highly volatile environment. Comment here http://www.fbs.com/analytics/news_markets/view/8060 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "Capital Economics: debt crisis affects European economy"(2011-07-21) There was a bunch of economic activity indicators released today in China and Europe. PMI figures for France, Germany and the euro area as a whole turned out to be rather negative. HSBC'S Chinese PMI showed that China's factory sector contracted in July for the first time in a year and at its fastest pace since March 2009. It happened due to the nation’s monetary policy tightening and low demand in the world. The flash services PMI dropped from 53.7 in June to 51.4 in July, the minimal levels since September 2009. The reading turned out to be below the expectations of 53.0. The flash manufacturing PMI fell from 52.0 in June to 50.4 in July, also the minimal level since September 2009, below the forecast level of 51.5. Analysts at Capital Economics note that the decline of the European indicators may mean that the debt crisis begins weighting on the region’s economic recovery. Comment here http://www.fbs.com/analytics/news_markets/view/8061 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "Commezbank: comments on EUR/GBP"(2011-07-21) Technical analysts at Commezbank believe that as the single currency didn’t manage to overcome the 55-day MA at 0.8827 trading versus the British pound, it will decline to 0.8712 and 0.8700. If the pair EUR/GBP gets even lower, it will be poised down to the 200-day MA at 0.8666. Chart. Daily EUR/GBP Comment here http://www.fbs.com/analytics/news_markets/view/8063 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "RBS: British pound is undervalued"(2011-07-21) Currency strategists at Royal Bank of Scotland believe that British currency is, so it’s possible to invest in sterling undervalued in the long term looking forward to its steady appreciation. In their view, pound is 14% below its 10-year average in real terms. The specialists think that the greenback is also cheap, while the single currency has become closer to its fair value. The commodity currencies such as Australian, Canadian and New Zealand’s dollars, on the contrary, seem to be expensive though they keep getting support from the improving terms of trade. The most important question here is whether high commodity prices and strong export demand from Asia are structural or only cyclical factors. RBS analysts think that in the longer term, if the world’s economic recovery gains pace pound will rise to the fair value versus commodity currencies. In the near future, however, state of the global economy is too uncertain and unsustainable for buying sterling. Chart. Daily GBP/AUD Comment here http://www.fbs.com/analytics/news_markets/view/8065 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 21, 2011 Author Share Posted July 21, 2011 "EU summit: the draft plan of resolving the crisis"(2011-07-21) It seems that the European authorities have managed to make some progress in dealing with the Greek issue. According to the report containing the draft plan of resolving the crisis, the European Financial Stability Facility will be allowed to buy bonds in the secondary market. The plan also calls for a reduction in interest rates on EFSF loans to 3.5% while extending maturities from 7 ½ to 15 years. The problem European banks will get help from the EFSF to recapitalize. Analysts at Brown Brothers Harriman point out that the ECB won’t need to be the purchaser of “last resort” in the euro zone. The specialists note that the markets have become more optimistic as it looks as if the EU is going to increase the flexibility and the scope of the way the EFSF works. The ECB also seems to give in and agree on accepting “selective defaulted” debt as a collateral, thus saving the Greek banking system. Chart. Daily EUR/USD Comment here http://www.fbs.com/analytics/news_markets/view/8067 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 22, 2011 Author Share Posted July 22, 2011 "The main results of EU summit"(2011-07-22) The European leaders agreed yesterday on the 159 billion euro ($229 billion) second bailout package for Greece inducing the private bondholders to take part in financing the indebted nation. 109 billion euro will come from the euro region and the International Monetary Fund, while the rest 50 billion euro will be brought by the financial institutions after a series of bond exchanges and buybacks that will also reduce Greece’s debt burden. Investors will have the option to exchange existing Greek debt into four instruments: 3 will be fully collateralized by AAA-rated zero-coupon securities and have a 30-year maturity, and the fourth will be for 15 years and partially collateralized by funds held in an escrow account. The 440-billion euro European Financial Stability Facility was authorized to buy debt of the peripheral euro zone’s nations in stress. In addition, the fund was enabled to help the problem banks (the stress tests showed that 24 out of 90 banks have financial difficulties) and offer credit-lines for the European nations that are losing investors’ confidence (the practice used by the IMF). All in all, it\s necessary to note that the European policymakers tried to compromise and develop a strategy to support Greece and make sure that Greek crisis doesn’t spread. Analysts at UniCredit believe that the measures taken by the EU officials create the best possible conditions for Greece and other peripheral countries. The specialists point out, however, that the market will keep pricing in some probability that these steps won’t be enough to stop the contagion. Comment here http://www.fbs.com/analytics/news_markets/view/8071 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 22, 2011 Author Share Posted July 22, 2011 "SocGen, BarCap: euro may rise to $1.50"(2011-07-22) Analysts at Societe Generale believe that though the negative factors for euro are, of course, not all gone, the single currency may climb in the short term to $1.50 versus the greenback after the EU summit was successful enough. Strategists at Barclays Capital advise investors to buy EUR/USD on its slide down to $1.4300/1.4280 or on the break above $1.4460. In their view, the pair may rise to the trend line resistance at $1.4580. If euro manages to overcome this level and close the week above it, it will be able to strengthen to $1.4700 and possibly $1.4950. The specialists note that the outlook for the pair will turn negative if the rate falls below $1.4180. Chart. Daily EUR/USD Comment here http://www.fbs.com/analytics/news_markets/view/8073 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 22, 2011 Author Share Posted July 22, 2011 "Commerzbank: watch today’s Canadian economic data"(2011-07-22) Yesterday the greenback went down versus its Canadian counterpart breaching support at 0.9450. Analysts at Commerzbank believe that the market’s attention will be focused on Canada’s inflation report released today at 15:00 (GMT+4) and retail sales data published at 16:30 (GMT+4). For the timely information see our economic calendar (http://www.fbs.com/analytics/economic_calendar/). The specialists note that Canadian June CPI data has to be surprisingly high, while May retail sales have to show solid growth. In such case the pair USD/CAD may fall below 0.9425 to July 2007 minimums in the 0.9060 area, especially if investors remain optimistic after the Greek bailout. Chart. Daily USD/CAD Comment here http://www.fbs.com/analytics/news_markets/view/8075 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 22, 2011 Author Share Posted July 22, 2011 "BarCap, Commonwealth: bullish forecast for Aussie"(2011-07-22) Australian dollar is on its way up versus the greenback and Japanese yen. According to the data released today, Australia’s import prices added 0.8% in the second quarter while the economists were looking forward to 1.1% decline. The CPI data due next week may show that inflation pace rose to the maximal level in more than 2 years – economists surveyed by Bloomberg expect consumer prices to 3.4% in Q2 from the 2010 level. As a result, the chances of the Reserve bank of Australia’s rate hike increase. Analysts at Commonwealth Bank of Australia are very bullish on Aussie. In their view, after the inflation report there will be no more speculation about the reduction of Australian borrowing costs. Strategists at Citigroup also think that the next move of the RBS will be to raise the rates. Specialists at Barclays Capital note that AUD/USD has manage to break above the upper border of its trading range at $1.0810 rising to 2-month maximums in the $1.0867 zone. The analysts think that the pair may go higher and climb to $1.0890 and then to May maximums in the $1.1010 area. The bank says that the outlook for Australian currency will remain bullish as long as it’s trading above $1.0765. Chart. Daily AUD/USD Comment here http://www.fbs.com/analytics/news_markets/view/8078 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "Ichimoku. Weekly forecast. GBP/USD"(2011-07-25) Weekly GBP/USD Although last week the Ichimoku analysis gave bearish signals, the bulls managed to achieve significant advance. The “dead cross” formed by Tenkan-sen (2) and Kijun-sen (1) didn’t have strong impact on the market as it situated below the Ichimoku Cloud. The prices managed to get up overcoming resistance provided by the Turning line (2), the Standard line (1) and the downtrend resistance line. These lines will act now as support for sterling’s rate. The sole negative moment is the narrowing Kumo – Senkou Span B is reducing the gap with the upper border of the Cloud that means the bulls are never the less losing their power. Chart. Weekly GBP/USD Daily GBP/USD The situation at the GBP/USD chart is also rather remarkable. The prices have broken resistance of the longer term Kijun-sen and surged on Thursday entering the Ichimoku Cloud (2) as the risk sentiment improved after the EU summit. Support for sterling will be now provided by Senkou Span A. Tenkan-sen and Kijun-sen have merged in one line preparing to form the “golden cross” (1). However, the power of the signal will be limited as the intersection is found below Kumo. It’s necessary to note that the Cloud remains descending, so the prices are likely to slide along its lower border. As the same time, the lagging Chinkou Span has broken up the price chart (3) and Kumo is gradually narrowing. The Standard line has gone sideways and the mix of different factors means that the rate is going to consolidate within the Cloud if there no strong fundamental effects. Chart. Daily GBP/USD Comment here http://www.fbs.com/analytics/news_markets/view/8091 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "Ichimoku. Weekly forecast. USD/CHF"(2011-07-25) Weekly USD/CHF The downtrend for USD/CHF since the beginning of the year is in progress. A week before last the greenback fell, while last week it went through some consolidation. The Ichimoku Cloud is still going down showing that the bears are dominating at the market, while the Turning line (2) and the Standard line (1) are providing support for the rate. As the same time Kijun-sen is horizontal that means that the consolidation may continue, though the pair will remain under negative pressure and its decline seems more likely. Chart. Weekly USD/CHF Daily USD/CHF On the daily chart it’s possible to see that the Turning line (2) was successful enough in not letting the prices move up acting as a resistance. The next obstacle for the pair’s advance is the longer term Standard line (1) and the downtrend line. It’s necessary to note that Tenkan-sen (2) keeps going down having a negative impact on the greenback and pulling the prices lower. In addition, the descending Ichimoku Cloud is widening (3) – Senkou Span A is falling, while Senkou Span B remains horizontal. All in all, the technical outlook for USD.CHF is bearish. Chart. Daily USD/CHF Comment here http://www.fbs.com/analytics/news_markets/view/8093 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "UBS, Credit Agricole: risk factors for the single currency"(2011-07-25) Currency strategists at UBS think that the United States may avoid default, but get downgraded by the ratings agencies. At the same time, the situation in Europe is far from optimistic as there are the prospects of a selective default in Greece, the bailout implementation risks as the EFSF has not been expanded. It’s also necessary to mention the renewed concerns about the peripheral euro zone’s nations and deteriorating data in the core economies of the region such as lower German and euro-zone PMI data and weaker German IFO. As a result, the specialists advise to sell EUR/USD at its advances to $1.44/1.45. Analysts at Credit Agricole also note that euro will remain very vulnerable to the negative news from the PIIGS this week. In addition, the bank points out that if the European economic data keeps worsening, investors may start wondering if the ECB had made the right decision to raise rates in April and June. Chart. H4 EUR/USD Comment here http://www.fbs.com/analytics/news_markets/view/8101 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "Commerzbank: GBP/USD will rise above $1.65"(2011-07-25) British pound gained last week about 130 pips versus its US counterpart consolidating in the $1.6300 area. Technical analysts at Commerzbank believe that GBP/USD has broken up the key short-term resistance levels – its 3-month downtrend line at $1.6211, 55-day MA at 1.6204 and the 50% Fibonacci retracement at $1.6265. The bank now expects sterling to rise to the previous 2010-2011 uptrend line at $1.6395 and 78.6% retracement of the decline from April and May maximums at $1.6540/47. Chart. Daily GBP/USD Comment here http://www.fbs.com/analytics/news_markets/view/8103 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "Standard Chartered cut UK GDP forecast"(2011-07-25) Analysts at Standard Chartered claim that the Bank of England will keep the borrowing costs at the current 0.5% level until the beginning of 2013. The specialists lowered UK economic growth forecast in 2011 from 1.4% to 1.1%. In their view, inflation may surge in the coming months, but this increase is likely to be short-lived. The economists expect consumer prices’ growth pace to return to the target levels by the end of 2012. As a result, British central bank will start tightening monetary policy in 2013. Analysts at BNP Paribas advise investors to pay attention to the Britain’s preliminary GDP release on Tuesday, July 26, at 12:30 pm (GMT+4). According to them, UK economy won’t grow at all, while the market is looking forward to 0.2% advance. Chart. Daily GBP/USD Comment here http://www.fbs.com/analytics/news_markets/view/8105 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "BofNY Mellon, BOTMUFJ: US dollar prospects"(2011-07-25) Economists at Bank of New York Mellon note that once US government and Congress reach agreement on lifting up the debt ceiling, dollar’s rate will rebound. In their view, the greenback will show the most significant growth versus British pound as at the beginning of the year the market was too excited about the potential rate hikes in the UK where the inflation level is high, but the central bank is unable to tighten policy because of the low economic growth. At the same time, analysts at Bank of Tokyo-Mitsubishi UFJ warn that if the debt problem remains unsolved by the deadline on August 2 the United States may face another recession. In their view, if the nation loses its top AAA credit rating, the near-term impact won’t be that strong, but in the longer time perspective it will seriously affect US currency. Analysts at Barclays Capital believe that in the short-term the pair GBP/USD may rise to $1.6385 and $1.6425. Support is situated at $1.62. As for USD/JPY, the strategists advise investors to sell the greenback versus Japanese yen on its advance to 78.75. In their view, the pair is on its way down to 77.50. Chart. Daily USD/JPY Comment here http://www.fbs.com/analytics/news_markets/view/8107 Quote Link to comment Share on other sites More sharing options...
internationallove Posted July 25, 2011 Author Share Posted July 25, 2011 "Mizuho, SocGen advise to sell USD/JPY"(2011-07-25) Currency strategists at Mizuho note that last week the greenback has posted another minimum versus Japanese yen. In their view, the downside momentum for USD/JPY has increased. The specialists say that all elements of the weekly Ichimoku chart indicate short position. In their view, the greenback is on its way down to 76.25. Analysts at Societe Generale believe that as there’s some temporary improvement in Europe, all attention will switch to the United States. The economists claim that the situation in the US is very different from what’s happening in Japan. The bank reminded about the high current account surplus. As a result, Societe Generale recommends selling dollar versus yen with stops at 79.75 and target at 75.00. Chart. Daily USD/JPY Comment here http://www.fbs.com/analytics/news_markets/view/8114 Quote Link to comment Share on other sites More sharing options...
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