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2 Mar 2015
USD/JPY risk of an upside break increases – Scotiabank
FXStreet (Barcelona) - Disappointing Capex data out of Japan causes USD/JPY to rise, but the pair stays contained within the broad range, notes Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank.
Key Quotes
“USDJPY is flat, trading within its recent range and making a test up towards 1.20.”
“Fundamental data has been disappointing (last week’s CPI, retail sales, housing and employment) with today’s capital spending up just 2.8%y/y and Markit PMI at just 51.6. The market is increasingly focused on whether this warns of further policy accommodation from the BoJ or justifies a fresh approach.”
“As risk aversion has eased and the fundamental picture has deteriorated we see the risks of an upside USDJPY break as having increased.”
Key Quotes
“USDJPY is flat, trading within its recent range and making a test up towards 1.20.”
“Fundamental data has been disappointing (last week’s CPI, retail sales, housing and employment) with today’s capital spending up just 2.8%y/y and Markit PMI at just 51.6. The market is increasingly focused on whether this warns of further policy accommodation from the BoJ or justifies a fresh approach.”
“As risk aversion has eased and the fundamental picture has deteriorated we see the risks of an upside USDJPY break as having increased.”