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Forex Flash: Yen continues to weaken - Nomura

Richard Koo, Chief Economist at the Nomura Research Institute believe that Yen weakness may have some way to go still.

He begins by noting that Yen fell further over the last two weeks, pushing USD/JPY above 92. Elsewhere, Japanese equities, and exporters in particular, gained as a weight that had been pressing down on the Japanese economy and stock market for four years was finally lifted. US shares also rose on mounting expectations of an economic recovery. He feels that a key driving factor is the sense that the US fiscal cliff and Eurozone financial problems have moved out of the foreground for now. While the US housing sector appears to have undergone a revival in recent months, Koo sees that the weakness in other sectors continues. Also in Europe, the real economy remains in a slump even though bond yields in the periphery are down sharply from their peaks.

Forex: EUR/USD eases after drop in US ISM non-manufacturing PMI

By the end of the European morning, the EUR/USD found its daily high at 1.3567, from where it has been easing since, to test the 1.3500 psychological area. Ahead of the US ISM non-manufacturing PMI and the US opening triggered a bounce from 1.3502.
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Forex Flash: Dollar up on G10, down on EM – Wells Fargo

Nick Bennenbroek, Head of Currency Strategy at Wells Fargo notes that the U.S. dollar is stronger against most G10 currencies and weaker against most emerging currencies, while broader financial markets are showing some recovery from yesterday’s weakness.
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