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Monday February 4, 2013 - 10:43:49 GMT
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CURRENCY WARS: JPY weakens after comments by Japan FinMIN Aso in favor of further JPY weakness. French FinMin expresses concern re EUR strength
|CURRENCY WARS: JPY weakens after comments by Japan FinMIN Aso in favor of further JPY weakness. French FinMin expresses concern re EUR strength|
4 February 2013 11:00 gmt
CALENDAR- North America: US- Factory Orders
- HIGH IMPACT ITEMS: US- Factory Orders
- CURRENCY WARS: The JPY has lost further ground vs. the USD to start the new week following comments from FinMIn Aso Monday indicating that the government continues to seek a further weakening of the currency, Curiously the EURJPY has stabilized today perhaps after an expression of concern by the French FinMin about the strenghth of the currency.
- Markets are starting to look ahead to the G20 conference of FinMIns and Central Bankers in Moscow on February 15-16 for a discussion of forex.
- The first half of this week sees the final wave of PMI releases. This is also the first full week of the month so there will be a number of central bank meetings starting with the Reserve Bank of Australia on Tuesday. It has not met since early December. The tone of the RBA policy statement will be watched as closely as their rate posture. On Thursday, both the Bank of England and European Central Bank will announce their latest policy decisions. No rate changes are foreseen. a slew of U.K. data are due over the week while this is a relatively slow period for high-impact data items from the U.S. .
- The key EURUSD 20-day moving average is 1.3351. the 10-yr bund is 1.70%, +4 bp. European bourses are mixed. U.S. shares are higher. The U.S. 10-yr is 2.05%, +4bp.
- Key Far East bourses were mixed. The 10-yr JGB is 0.81%, +4bp. The USDJPY 20-day average is 89.61. EURJPY 20-day average is 119.68.
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John M. Bland, an author and a founding partner of Global-View.com has been a forex trader and a FX analyst for a top N.Y. Fed watching service. Previously he was an FX consultant to major institutions. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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