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4 May 2016

USD/JPY: the broad shift in in the USD - Scotiabank

Analysts at Scotiabank explained that Japan’s local holiday has left JPY vulnerable to whipsaw movement and a series of erratic Asian session swings hints to the potential for a shift in its vulnerability from knee-jerk JPY strength (USD/JPY drops) to knee-jerk JPY weakness (USD/JPY spikes).

Key Quotes:

"Note that Japan’s domestic holiday continues through Thursday. JPY’s risk profile typically provides for haven-driven gains in periods of such as these however the broad-shift in the USD appears dominant and is likely to remain so.

Measures of sentiment hint to a stabilization in demand for protection against JPY strength (USD/JPY downside), and we note that bullish net long JPY positioning remains close to near-record record levels, leaving JPY vulnerable to an adjustment in the event of a sustained turn in its near-term path."

May 4, 2016

Mexico: No real economic reason for a hawkish Banxico - TDS

According to analysts from TDS, the Bank of Mexico will not raise rates tomorrow, but it will move in September, following the Federal Reserve rate hike.

Gold dragged lower as dollar rebounds

Gold turned back south and hit fresh daily lows as the dollar staged a strong comeback during the American session, dragging the metal down.