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Forex Flash: King takes chance to crush Sterling – Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes that at today´s BoE statement, Governor King took the opportunity to crush GBP as much as possible.

With the inflation path pushed higher in the report and King saying that GBP weakness was a necessary condition for rebalancing, Galy notes that none of it is new, but it fits well within the existing themes.

Forex Flash: Narrower US-Canada yield spreads may extend CAD slide further – TD Securities

Since December, US 10-year yields have been tracking higher since December and nudging up towards 2.00% again, eroding Canada’s yield premium at the long end of the curve in recent weeks (more or less flat to the US right now). "Short-term term spreads have steadied in the middle of the trading range of the past few months", wrote TD Securities analysts Shaun Osborne and Greg Moore, adding that while better US numbers are broadly positive for Canada’s economic prospects (and the CAD, by extension), narrower yield spreads over the USD do suggest that the gentle slide in the CAD seen recently may extend a little further". Also, the free-trade talks between Europe and Canada are nearing completion, but they're not expected to have a material impact on the market.
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Forex Flash: Money being driven out of JPY and CHF safe havens – Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale believe that the outcome of existing market pressures is seeing the drive of money out of safe havens, with CHF and JPY weakening core European curves under pressure and peripheral ones outperforming even after a mixed Italian auction. He comments, “Riksbank stayed on hold driving some expectations of a cut and EURSEK lower with it.”
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