Yen Falling for Second Session - Scotiabank
Analysts at Scotiabank noted that JPY is weak and falling for a second consecutive session.
Key Quotes:
"It begins to retrace a portion of its recent rally."
"Sentiment
and positioning have been the primary drivers of JPY strength on a
year-to-date basis, pushing CFTC longs to fresh record highs and leaving
investors vulnerable to the risk of a turn."
"The improvement in
China’s growth prospects should alleviate some of the Fed’s concerns
and help to temper its caution, providing for a reaffirmation of central
bank policy divergence vs. the BoJ. We see rising downside risk for
JPY."
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