Forex - USD/JPY Flows: MoF's Asakawa getting the wrong end of the 'speculative' trade


 09:44 (GMT) 13 Feb

  [Forex Flows]

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USD/JPY Flows: MoF's Asakawa getting the wrong end of the 'speculative' trade (0100-XMQR-C01)

MoF's Asakawa says he will 'closely watch' whether current JPY strength is being driven by speculation, but judging by the CFTC positioning data the major reason is the unwinding of what are seen as speculative trades, at least on the IMM. We doubt that will stop the Ministry from making its feelings plain, especially if they want to pick up on the recent complaint from the ECB's Nowotny that the US Treasury Dept is deliberately looking to engineer a weaker USD.


Forex - EUR/GBP, GBP/USD Flows: Limited upside for GBP


 09:18 (GMT) 12 Feb

 [Forex Flows]

GBP is threatening to push the recovery from Friday's lows a little further but progress is slow with no change in the fundamentals to back it up ahead of tomorrow's UK CPI data. None of the headlines on Brexit make particularly good reading and we expect will continue to weigh whatever the inflation data tomorrow, the short lived boost to GBP on the BoE's more hawkish stance last week still fresh in the memory.


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