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Forex Flash: RBA statement doves indicated AUD/USD decline – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the RBA released a relatively dovish monetary policy statement, which reinforces his belief that the AUD is on a downward path from here.

He writes, “Japanese current account data were poor, but the EUR/JPY correction is putting a lid on USD/JPY for now. Chinese trade were very good but also pretty distorted by the late timing of the Chinese New year. In Europe, we have seen an upbeat Banque de France business sentiment indicator, and we get US trade data this afternoon, though the US market will be affected by an imminent blizzard on the East Coast.”

Forex Flash: Subtle verbal intervention by Draghi enough for now – BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that all it took were some subtle comments by President Draghi in regard to the level of the Euro to trigger a 1.0% drop in EUR/USD.
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Forex Flash: EUR/GBP eyes 1m target of 0.8700 – UBS

According to Research Analyst Gareth Berry at UBS, “Buried at the end of Thursday's policy statement was the news that the Bank of England will follow in the Fed's footsteps and engage in a reinvestment program of its own. The proceeds of maturing Gilts held in the Asset Purchase Facility will be used to fund fresh asset purchases, keeping Gilt holdings steady. As such, the balance sheet will not be allowed to contract gracefully of its own accord, and will be more or less frozen in time at an elevated level.”
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