From my point of view, BoJ will be unlikely to intervene. Since Jun 2004, the central bank hadn't intervene the fx market even USD/JPY hit 87 level in Jan this year. Besides, the new government will mainly focus on household rather than corporate; thus, the JPY apprecation might not trigger the concern as much as LDP.
91.73 seems to be the next target.
I love Ashraf Laidi's idea of JPY appecication in Aug for the past 11 years (except 06 and 08), and USD/JPY usually hit the top at the beginning of each month since Apri.
I believe that 2-month cycle. When risk aversion picks up, USD is likely to extend the rally, and GBP may retreat to the 1.43 level. Besides, BoE's QE policy might also limit the upside for the pound.
It seems that right now only EUR keeps surging but other major currencies are only range trading or with a very mild upside only. Somehow it's strange with EUR/AUD and EUR/NZD are doing so well when the equity market is turning to another rally.
I would like to add some comments. EUR/GBP Daily Chart is also supported by 95 SMA since Feb 2009, and as the momentum indicator MACD is crossing over, I agree that the pair will have an upside bias towards 0.95.
Besides, the QE implemented by BoE may prompt the pound more bearish against other major currencies as well, since the yield for the long Gilt may be suppressed and appears to underperform other major currencies.
Other GBP crosses are turning more bearish after the policy meeting. One thing to note that the upside for the GBP/AUD is capped by 100 SMA in daily chart and is likely to fall back to 2.17 next week.
Try publishing this in the UK weekend papers: Traders bet BankofEngland will raise rates to 6.25% --highest since 1… https://t.co/GWXrTEAk4R(11 months ago)
Poor start to a slow market day as Ezone PMIs disappoint. Im still keeping an eye on the rare (-2%) USD-GOLD combo,… https://t.co/UyRzWsRbs7(11 months ago)
-5% YTD is not good, while -7% from the year highs can be tough. Gold traders have their eyes fixated on this for n… https://t.co/NV5UMKsfNo(11 months ago)
ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
https://t.co/Y7tD0RxCS2
@XM_COM (11 months ago)
Jobless claims > 300k before next FOMC meeting would be ideal for Fed to make up for any CPI upside surprise (11 months ago)
"Cook & Eat at Home" scheme may come next to defeat UK inflation... (11 months ago)
Earlier in the week gold selloff was attributed to smaller than exp China EASING. Metal is now holding v well despi… https://t.co/ZW9cmXTPWW(11 months ago)
91.73 seems to be the next target.
I love Ashraf Laidi's idea of JPY appecication in Aug for the past 11 years (except 06 and 08), and USD/JPY usually hit the top at the beginning of each month since Apri.
Anyone can share more information about the bond redemptions for Japan? Thanks!
I believe that 2-month cycle. When risk aversion picks up, USD is likely to extend the rally, and GBP may retreat to the 1.43 level. Besides, BoE's QE policy might also limit the upside for the pound.
It seems that right now only EUR keeps surging but other major currencies are only range trading or with a very mild upside only. Somehow it's strange with EUR/AUD and EUR/NZD are doing so well when the equity market is turning to another rally.
I would like to add some comments. EUR/GBP Daily Chart is also supported by 95 SMA since Feb 2009, and as the momentum indicator MACD is crossing over, I agree that the pair will have an upside bias towards 0.95.
Besides, the QE implemented by BoE may prompt the pound more bearish against other major currencies as well, since the yield for the long Gilt may be suppressed and appears to underperform other major currencies.
Other GBP crosses are turning more bearish after the policy meeting. One thing to note that the upside for the GBP/AUD is capped by 100 SMA in daily chart and is likely to fall back to 2.17 next week.