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11 Jun 2013
Flash: EUR/USD a mixed bag, USD/JPY eyes downtrend – Westpac
FXstreet.com (Barcelona) - The EUR/USD frustratingly bid is the best description here and likely to remain so.
According to the Westpac Strategy Team, “Despite the slump in EM FX markets, peripheral bond markets in Europe have been fairly well behaved. So the EUR will remain in the wings with little to drive it one way or the other.”
With regards to the USD/JPY, Friday's selling riot feels like it generated a climactic low for USD/JPY. However, the BoJ's cold shoulder today has not helped sentiment and we suspect that a test back towards the 96.50 area is still in the offing.
According to the Westpac Strategy Team, “Despite the slump in EM FX markets, peripheral bond markets in Europe have been fairly well behaved. So the EUR will remain in the wings with little to drive it one way or the other.”
With regards to the USD/JPY, Friday's selling riot feels like it generated a climactic low for USD/JPY. However, the BoJ's cold shoulder today has not helped sentiment and we suspect that a test back towards the 96.50 area is still in the offing.