INSIDE G-10: Yen Powers Ahead, BOJ Seen Divided; Aussie Slips
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Prevailing USD bearishness is reinforced as USD/JPY plunges after a Sankei report says BOJ is struggling to form a unified stance for its policy review this month.
Alert: HALISTER1- USD/JPY hits a fresh September low at 101.21 on selling from leveraged accounts in early Tokyo session, traders say
- Some sell stop-losses triggered vs model-based accounts and Tokyo-based banks
- BOJ won’t expand stimulus this month given little deterioration in economic fundamentals, former BOJ executive Momma says
- Fed’s Williams repeats his call for gradual hikes sooner rather than later, but he’s not committing on Sept. decision; his comments are having little impact
- AUD/USD initial decline after 2Q Australia GDP and revised 1Q data is cushioned by corporate and macro demand under 0.7660; 2Q GDP up 3.3% y/y, matching estimates; 1Q revised to 3.0% from 3.1%
- EUR/USD selling seen by two macro accounts next to large 1.1250 option strikes
- USD/CAD little changed ahead of today’s BOC meeting
- NOTE: Mark Cranfield is an FX strategist who writes for First Word. The observations he makes are his own and are not intended as investment advice.
Source: BFW (Bloomberg First Word)
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UUID: 7947283