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20 May 2015

Downward pressure on JPY to accelerate - RBS

FXStreet (Bali) - Greg Gibbs, FX Strategist at RBS, suspects that higher US yields, and the portfolio effect of the BoJ’s QE program, may accelerate the depreciation on both Japanese yields and the Yen.

Key Quotes

"The annual pace of 80tn net JGB purchases by the BoJ has proved a stabilising influence despite more rapid reallocation away from JGBs by pension funds and Japan Post over the last six to nine months."

"The portfolio effect of this QE is evidence in a relatively strong Japanese equity market and record net outflows to foreign equities in Q1."

"Looking ahead, downward pressure on JGB yields may intensify as asset reallocation flows by large institutions slow."

"USD/JPY has retained a rising trend and is creeping towards the highs set in December and March, supported by a wide in the long term government bond yield spread since December."

"A rising trend may have developed in US yields, and the portfolio effect of the BoJ’s QE program may soon place more downward pressure on Japanese yields and JPY.
May 20, 2015

January’s rate cut is aiding Canada’s recovery – BoC Poloz

Lower oil prices and a slowdown in the US economy have made the Canadian recovery more challenging, but growth is still expected to pick up in Q2, Bank of Canada (BoC) Governor Stephen Poloz told the Greater Charlottetown Area Chamber of Commerce on Tuesday, adding that January’s rate cut is benefiting both consumers and companies.
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May 20, 2015

NZD/USD climbs higher towards 0.7400

The New Zealand extends its gradual advance against the American dollar in the mid-Asian session, driving NZD/USD to fresh session highs. The Kiwi was the biggest winner this session as traders wound up their NZD shorts ahead of New Zealand's annual Budget on Thursday.
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