IIFT Daily Note with Peter Brown

Big moves in JPY overnight.

Posted by:  |  Time: 7:40 am  |  Topic:
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Usd/JPY roared overnight on dovish policy from the Bank of Japan. Further details on Forexlive.com. Their aggressive easing policy has reignited JPY selling and we have reached 95.30 this morning. Onwards and upwards for this pair and certainly 100 is in sight over the next few months. Elsewhere bad economic stats caused a sell off on the US equity market. S&P was down 200 points at one stage. As per usual the selling was met with a good 80 point bounce and we look to have stabilised this morning.

Euro is range bound for the moment 1.2870  1.2750 still favour the downside here.

S&P is now 1567  1547 not much in between. Nice volatility building to the non farm payrolls tomorrow. I will give my thoughts on that in the morning.

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