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13 Aug 2013
Flash: Yen depreciating, through 98.00 handle - BMO
FXstreet.com (Barcelona) - Stephen Gallo, European Head of FX Strategy at BMO Financial Group noted the price action over night in the yen which is continuing in London, having now breached 98.00 handle.
Key Quotes:
“The fall in the JPY overnight has been attributed to the strength in the Nikkei and the news related to a possible corporate tax rate cut”.
“The links here, especially between the Nikkei and the JPY on an inverse basis are undeniable, but we suspect that the renewed tendency of USD/JPY to find bids on dips is also heavily related to the recent string of Fed rhetoric”.
Key Quotes:
“The fall in the JPY overnight has been attributed to the strength in the Nikkei and the news related to a possible corporate tax rate cut”.
“The links here, especially between the Nikkei and the JPY on an inverse basis are undeniable, but we suspect that the renewed tendency of USD/JPY to find bids on dips is also heavily related to the recent string of Fed rhetoric”.