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Forex Flash: USD/JPY hits 80.00 level earlier on headlines – UBS

By FXstreet.com,  October 23, 2012, 04:06:00 AM EDT

FXstreet.com (Barcelona) - The USD/JPY has found a bid on the headlines and eventually traded up towards the 80.02 level, before settling back down again when Finance Minister Jojima denied there was any truth to the report. According to Research Analyst Gareth Berry at UBS, "We doubt USD/JPY can see material and sustainable upside without support from higher US yields, and that seems unlikely this side of Wednesday's FOMC decision - especially given yields failed to react to the last of three US Presidential Election debates held overnight."

Ahead today across the Pacific, "we expect the BoC to keep its overnight lending rate unchanged at 1.0%." Berry predicts However, a watering down of the explicit tightening bias would seem to be warranted given core CPI has significantly undershot forecasts made in the previous monetary policy report (core CPI was expected to stand at 1.9% YoY at September whereas it came in at 1.3% instead).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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