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18 Feb 2013
Forex Flash: Dollar up on Yen as G20 wimpers - OCBC Bank
Emmanuel Ng of OCBC notes that USD has started the week up on JPY as market anticipation of a G20 whiplash for Japan failed to materialize.
Meanwhile, he notes that comments from Fed chairman Bernanke and the ECB´s Draghi also, failed to address any issues of currency manipulation, with the latter indicating that the EUR was in line with long term averages. Over the weekend he sees that the G20 communique proved to be a yawn for the JPY with no explicit criticism and elsewhere, the antipodeans continued to feel the heat from cited structural readjustments, easing further against the greenback. Aside from the continued Yen focus, Ng notes that the global economic data calendar, differing central bank rhetoric may also continue to guide market direction. The RBA meeting minutes are due on Tuesday while BOE MPC minutes are also scheduled for Wed. Also on Wed, FOMC minutes are also on tap.
Meanwhile, he notes that comments from Fed chairman Bernanke and the ECB´s Draghi also, failed to address any issues of currency manipulation, with the latter indicating that the EUR was in line with long term averages. Over the weekend he sees that the G20 communique proved to be a yawn for the JPY with no explicit criticism and elsewhere, the antipodeans continued to feel the heat from cited structural readjustments, easing further against the greenback. Aside from the continued Yen focus, Ng notes that the global economic data calendar, differing central bank rhetoric may also continue to guide market direction. The RBA meeting minutes are due on Tuesday while BOE MPC minutes are also scheduled for Wed. Also on Wed, FOMC minutes are also on tap.