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5 May 2015

USD/JPY remains a buy on dips – Westpac

FXStreet (Barcelona) - USD/JPY exhibits a mild short-term upside bias, notes the research team at Westpac, as they suggest buying dips.

Key Quotes

“We continue with our neutral/ buy dips bias. With the US$ on the back foot, we remain patient. Golden Week complicates the view – yen crosses are looking vulnerable. DXY cannot keep falling without USD/JPY succumbing to gravity. Yet with Japanese FX players on vacation this week, it can for a while. So we remain on the sidelines, and certainly do not feel compelled to chase EUR/JPY higher, even though we see 134 on a 1 month view.”

“Model: JPY continues to fall out of favour with the model, the model cutting back its exposure to a slim 4.9%. A weaker growth signal after last week’s soft local retail sales data is the major driver of the model’s diminished appetite for JPY this week.”

“Technical: Dips held around multiple lows down to 118.33 last week. Mild short term upside bias. Resistance remains firm towards 120.80/121.20.”
May 5, 2015

AUD/NZD jumps on upbeat RBA

The AUD/NZD jumped more than 100-pips from the daily low to trade at 1.0473 after the Reserve Bank of Australia (RBA) cut rates but sounded more upbeat on the recent economic data.
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May 5, 2015

Fitch: RBA rate cut increases need for greater macro-prudential response

Fitch rating agency representatives are crossing the wires, via Reuters, noting that the RBA rate cut increases the need for greater macro-prudential response.
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