weekly USDJPY MUFG Research added a short USD/JPY position (spot ref: 149:60) to its TOTW portfolio. The trade has a target at 143.00, and a stop at 152.10. “We want to maintain some exposure to a further weakening of the US dollar and believe long JPY may be the best way for that right now,”
Share: USD/JPY is back below the 150.00 level. Nonetheless, economists at MUFG Bank expect the pair to rise further. Yen sellers will remain reassured until the next BoJ policy meeting in December Rising US interest rates continue to put upward pressure on the USD/JPY. Concerns about currency intervention by the Japanese authorities have
USDMXN daily MUFG Research added 2 new trades to its TOTW portfolio. Short USD/MXN – (spot ref @ 17.400), Target @ 16.900 & Stop @ 17.800 and Short USD/SEK – (spot ref @ 10.980,) Target @ 10.650 & Stop @ 11.200. “We are recommending a new short USD/MXN trade idea. While the pair has already
Fed Chair Powell MUFG delves deep into the anticipated FOMC decision, suggesting that, while the FOMC will most likely keep the fed funds rate unchanged, market participants should be keenly watching for any deviations in the typical messaging from the Federal Reserve. Key Takeaways: Rate Expectations: The market has virtually no expectation of a rate
Share: Economists at MUFG Bank analyze GBP outlook ahead of the BoE announcement on Thursday. Weak economic activity The worsening economic data has been clear and will likely be clearly acknowledged by Governor Andrew Bailey in the press conference. We see this inevitable acknowledgement of weaker data and some evidence that the labour
Share: USD/JPY has broken above the 149 level. Economists at MUFG Bank analyze Yen’s outlook. Opposition to currency weakness remains firm We continue to see a high chance of intervention but only after a break above the 150 level when there is a higher chance of stops fuelling volatility and ‘disorderly’ price action
GBPUSD daily MUFG discusses the high possibility that this week’s UK labor report and the US CPI data could influence market expectations surrounding the Bank of England’s (BoE) rate hike. Recent statements from Governor Andrew Bailey and Chief Economist Huw Pill hint at a more dovish stance, which may affect the GBP’s performance in the
Amidst fluctuating global currencies, MUFG delves into the potential for verbal intervention from Japanese officials, especially as the Jackson Hole Symposium approaches, which may carry significant implications from Chairman Powell’s stance. Key Observations: USD/JPY Surge: There’s been a noteworthy increase in the USD/JPY rate since the Bank of Japan’s (BoJ) policy meeting in July. This
Share: The ONS has just released the July CPI data. Economists at MUFG Bank do not expect the British Pound (GBP) to enjoy substantial gains following inflation figures. Inflation surprises modestly to the upside The drop overall in inflation was a little less than expected. The core CPI rate remained unchanged at 6.9%
EUR/USD daily MUFG Research adds a new short EUR/USD position to its trade of the week portfolio targeting a move towards 1.0770, with a stop at 1.1160. “We have instigated a short EUR/USD trade idea to reflect the potential bias favouring yield and hence the dollar over the short-term,” MUFG notes. “So far in August,
