Today has seen a JPY correction. To get the Japanese economy out of its malaise, we continue to believe a significant weakening of the JPY is still required. Getting USDJPY to 90.00 is a start. We are virtually there now. A move to 100.00 would be more like what is needed.
This is a relatively slow week on the data front. The major events will be the Bnk of England ans ECB meetings on Thursday. Both central banks are expected to keep their monetary policies on hold.
The EURUSD held the 1.3000 level after reportedlt some option defenses ran off.
The key EURUSD 20-day average is 1.3160. The 10-yr bund is 1.51%, -3bp Key European bourses are down. U.S. shares are lower as well. The U.S. 10-yr is 1.90%, -1 bp.
The Japanese economy remains mired in deflation. Addutional fiscal stimulus was announced today Key Asian bourses were mixed. The 10-yr JGB is 0.83%, 0 bp. The USDJPY 20-day average is 8524. EURJPY 20-day average is 112.18.
Check the Forex Forum over the day for an updated and ongoing discussion of current trading themes in the MARKET CHATTER continuous discussion thread.
See ECONOMIC CALENDAR for a complete list of future forex market events and consensus data estimates. Go to the forex forum for up-to-date market developments and technical trading ideas.
John M. Bland is an author and co-founder and partner of Global-View.com. Prior to Global-View.com, he was a forex trader and a private-label forex analyst for a top Fed watching service in NYC. He has been a corporate forex advisor and also worked in international liability management for a major N.Y. money center bank. John holds an MBA from the University of California at Berkeley and a B.A. in International Economics from that school.
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