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Forex Flash: SEK is today´s strongest G10 currency – Wells Fargo

Nick Bennenbroek of Wells Fargo notes that the Swedish krona is today’s strongest G10 currency, with a again of more than 1% against the greenback.

He sees that Sweden’s central bank held its repo rate at 1%, disappointing a sizeable minority of analysts who expected a rate cut. Central Bank governor Ingves also said the Bank was comfortable with the level of the exchange rate. Shifting focus to the UK, he sees that the pound is today´s weakest G10 currency. He writes, “The Bank of England projected that CPI inflation would remain above 2% in its inflation report, but Governor King said the economy was still soft and that the central bank could ease further if need.”

Forex: EUR/JPY retracing ground to 125.50

The momentum circling the single currency is fading away on Wednesday, dragging the pair from highs in the proximities of 126.50 to the current area of 125.60...
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Forex Flash: What happened to the yen? – Westpac

According to the Westpac Strategy Team, “We have maintained a highly skeptical view towards the recent plunge in the value of the yen. It is not the fact that the BoJ has finally shown much greater policy flexibility that is our issue here.” Recent monetary policy developments in Japan, forced or not, have been quite rightly applauded by financial markets. Rather, it is the fact that the BoJ has simply not done enough, and is arguably not currently intending in doing enough to validate the moves in our view.
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