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4 Mar 2015
Staying short Yen - SocGen
FXStreet (Bali) - Kit Juckes, Head of FX Strategy at Societe Generale, expects that in the current risk-on mood, further upside in USD/JPY is expected.
Key Quotes
"For now, in a risk-on mood, we look for further upside to USD/JPY (even if our chosen way to trade yen weakness, GBP/JPY, spent all day yesterday frustrating us). Any US economic slowdown meanwhile, will be magnified several times over north of the border."
"Perhaps the most striking of the PMIs released yesterday was Canada’s, coming in at 48.7. The impact on the country’s oil industry of the drop in prices is greater than elsewhere and causing more widespread economic weakness."
"The better global risk mood and the pause in the dollar’s rally have left USD/CAD range-bound, but this (1.2510) looks like a good entry point for fresh longs, with a 1.30 target."
Key Quotes
"For now, in a risk-on mood, we look for further upside to USD/JPY (even if our chosen way to trade yen weakness, GBP/JPY, spent all day yesterday frustrating us). Any US economic slowdown meanwhile, will be magnified several times over north of the border."
"Perhaps the most striking of the PMIs released yesterday was Canada’s, coming in at 48.7. The impact on the country’s oil industry of the drop in prices is greater than elsewhere and causing more widespread economic weakness."
"The better global risk mood and the pause in the dollar’s rally have left USD/CAD range-bound, but this (1.2510) looks like a good entry point for fresh longs, with a 1.30 target."