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Forex Flash: FX positioning data shows a little risk fatigue at Jan end – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that FX positioning data from the IMM show a little risk fatigue at the end of January, as dollars were bought, CAD and to a lesser extent AUD sold.

He sees that the speculative community is long the high yielding currencies, AUD, MXN and NZD in particular, and is still building a short Yen position. He writes, “I am struck that the yen short is still not unusually big, while a net Euro long is still small. Finally, I am surprised there is a net long of GBP still. Overall, these figures would all tend to suggest 1) EUR/JPY remains a buy, at least on dips; and 2) GBP is vulnerable this week.”

Forex Flash: Central Bank rhetoric looks key for price action – OCBC Bank

Emmanuel Ng of OCBC Bank notes that rotational plays remained stark in the face of the release of global PMIs and the slightly disappointing US labour market reports on Friday.
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Forex Flash: Buy USD/JPY – OCBC Bank

Emmanuel Ng, of OCBC Bank believe that this week represents a nice opportunity to try and reinstate long USD/JPY positions.
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