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Forex Flash: UK inflation hawkish forecasts offset by dovish rhetoric – Nomura

Nomura economists Phillip Rush and Andy Chaytor have taken a look at today´s UK inflation data and note the conflicting sentiment between forecasts and rhetoric.

They note that the Bank of England left its growth forecasts broadly alone, but hiked its inflation forecasts such that the MPC sees itself as more likely than not to miss its target throughout the medium term. Although the forecasts are surprisingly hawkish, the rhetoric remains dovish, with the door being left open to easing further if needed. Absent this, it appears the MPC expects to be on hold until 2015, albeit perhaps hiking a few months earlier than priced.

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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Forex Flash: Greenback weaker with focus on international developments – Wells Fargo

Nick Bennenbroek, Head of Currency Strategy at Wells Fargo notes that most currencies are stronger against the greenback today with market focus firmly on international developments.
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