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27 Mar 2013
Forex Flash: Aside from JPY, Majors pick up on USD - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that save for JPY, majors picked up against USD on Tuesday, although EUR and GBP trailed while cyclical currencies like CAD, NZD and AUD led the way higher.
He feels that a slightly more benign landscape also saw the JPY retreating on the crosses and as BOJ Governor Kuroda continued to feed the markets with the requisite dovish rhetoric. Looking ahead, he feels that cross winds may continue to buffet EUR from the Cypriot (note the EC attempting to allay concerns regarding large uninsured bank depositors) and Italian front, with political uncertainty surrounding the latter still palpable. He adds, “Meanwhile in Cyprus, the government is expected to unveil capital control measures today to forestall a bank run as banks are scheduled to re-open on Thursday.”
He feels that a slightly more benign landscape also saw the JPY retreating on the crosses and as BOJ Governor Kuroda continued to feed the markets with the requisite dovish rhetoric. Looking ahead, he feels that cross winds may continue to buffet EUR from the Cypriot (note the EC attempting to allay concerns regarding large uninsured bank depositors) and Italian front, with political uncertainty surrounding the latter still palpable. He adds, “Meanwhile in Cyprus, the government is expected to unveil capital control measures today to forestall a bank run as banks are scheduled to re-open on Thursday.”