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2 Jun 2015
USD/JPY: buy the pullbacks – Westpac
FXStreet (Edinburgh) - Strategists at Westpac see occasional retracements in USD/JPY as opportunities to go long.
Key Quotes
“The longer term USD uptrend appears to have resumed, earlier than we had assumed, aided and abetted by a notably stronger pulse for some key US data points (durable goods, orders, core CPI and housing starts), stability in bunds and heightened Greek stress”.
“A probably decent US payrolls and a dovish Draghi (Wed) should keep the USD ascendant this week”.
“A deal for Greece ahead of their 5 June EUR300mn IMF payment will likely deliver a pullback in the USD that should be bought. We have shifted our outlook for the month ahead to bullish USD”.
Key Quotes
“The longer term USD uptrend appears to have resumed, earlier than we had assumed, aided and abetted by a notably stronger pulse for some key US data points (durable goods, orders, core CPI and housing starts), stability in bunds and heightened Greek stress”.
“A probably decent US payrolls and a dovish Draghi (Wed) should keep the USD ascendant this week”.
“A deal for Greece ahead of their 5 June EUR300mn IMF payment will likely deliver a pullback in the USD that should be bought. We have shifted our outlook for the month ahead to bullish USD”.