Forex Trading

• Japan is always ready to take bold action on currency.
• Won’t comment on currency levels.
• Can’t saw what is the “correct” JPY level for the economy.
• Won’t place restrictions on intervention.
• Well aware that some companies are hurt by strong JPY levels.

usd/cnh rallying after breaking out of this tight sideways channel making new highs for the day.

usd/sgd looking to test the top of this channel for a third time.

oil/usd trading in a sideways channel.

• Core inflation more benign than headline figure.
• Good reason to think 2nd round oil effects will be limited.
• Inflation forecast duet o commodities, indirect taxes.
• The need for bond purchases has decreased.
• Bond program to remain in place for ‘some time”.
• doesn’t want LRTO to lead to fragmentation of the bond market.
• Too soon to talk about an exit from emergency ops.